More important than lubrication, to me anyway, is cleaning the chain. Any grit, dirt, mud on the chain mixed with any type of chain lube becomes a grinding compound. Would you throw a hand full of sand in the engine the next time you change oil?
I clean the chain and sprockets with diesel fuel. It is easier to find, has detergents in it, conditioners for o-rings and seals. A gallon lasts a long, long time.
Chain Lube. It's kinda like engine oil. More important than what oil you put in the crankcase, is how recently you did it.
I think the same is true for the chain.
I lube my chains with ATF. Automatic transmission fluid. If I spot a quart of synthetic ATF on sale somewhere, I'll grab it. Otherwise, plain 'ol ATF. ATF is loaded with detergents, helping keep the chain clean. ATF has conditioners for rubber rings. I use "X" ring chains usually. At about $40.00 a foot, I put some effort into getting as much life out of them as I can. Last year I put 26,000 miles on a KLR 650. Changing sprockets and chain every six months or so offends me greatly. Many of the people I ride with are as anal as I am about their chain maintenance. One rider uses nothing but chain bar oil for chain saws. Another uses a mix of ATF and chain saw bar oil. Another buys 90w gear lube at Tractor Supply. Currently, one rider has 38,000 miles on a DL 1000 chain and sprockets, with nothing indicating a replacement needed anytime soon. He primarily uses the drainings of oil bottles.
The biggest draw back I have found using ATF has to do with an unintended consequence....it leaves the chain kind of a flowery pink. With a nice floral aroma. The sport bike guys with their gold chains suspect those who choose to create a pink chain may have less than heterosexual leanings. So I usually park over by the Buick or some where where it isn't so noticeable.