Rag is fine for getting the big chunks off, and that's plenty for day-to-day cleaning. You can use a heavy-duty shop-rag-type paper towel, fold it double, and pull it tight between your hands to wipe tight spaces.
Once in a while you really need solvent to remove caked-up old chain lube and grit. Either WD-40 (you can buy it in gallon jugs or non-aerosol pump sprayers) or a citrus solvent will work. Solvents are nasty for the environment so I try to minimize it (and filter and re-use what I put in a solvent bath/chain cleaning machine). Be sure and wipe or wash off any solvents after a deep cleaning, and dry off any water, before re-lubing.
The Park Tool brush is totally worth the price. I'm not much on specialized cleaning tools and mostly use old toothbrushes and shop rags for everything, but that narrow array of long, stiff bristles is really primo for in between chainrings and cogs, brake arms, etc.
Once you're done cleaning, re-lube. Lots of people overdo lubrication, and that just winds up attracting more grit. With liquid lube, just a drop in brake and derailleur pivots, work the part back and forth, then wipe any excess off the outside; a drop every couple-three links of your chain, turn the pedals backwards and wipe to distribute. Depending on your cable system, sometimes a drop of lube is helpful in the last section of RD cable housing, between the chainstay and RD, but if you're not sure, check with your LBS.
I'm not a fan of waxes on my road vehicles, but off-road is different and I know a lot of MTBers/dirt bikers swear by chain waxing.
Be sure to wear nitrile gloves while you're working with lubricants and solvents.
Last edited by OakLeaf; 08-22-2011 at 07:09 AM.
Speed comes from what you put behind you. - Judi Ketteler