I work in a large Maintenance Shop, so I have access to a parts cleaner which is dedicated to cleaning tools. It uses some kind of oil, I don't think it is every day Ozzy Juice, but the stuff works great.
Litterally we just take a ratchet apart put it on a tray and let the machine run its cycle, which includes drying. It leaves a non greasy residue that helps inhibit rust. Works great on adjustable wrenches as well.
Before that I used to just take a ratchet apart and lube it with some chain oil.