For years (> 30) I have been using paraffin with a few ounces of 75W90 gear oil mixed in. Stays relatively clean that way. The chain will start to speak when it needs renewal. On a new chain I leave whatever the manufacturer prepped the chain with on & drop it into the "bath". On a used chain I just wipe off with a rag & drop it in (obviously heat is involved - no open flame, please - to liquefy the mix & I use a sort of double boiler to contain it [small grocery store bread pan nested inside a larger pan - the bread pan is storage when it cools solid & of course if inattentive a colossal mess can ensue]). Chain is flexed while still hot (wearing old gloves), then brushed with brass wire brush & flexed again while cool to get the excess off (you don't want paraffin wax all over the sides, but you do want it to penetrate the links). After the first ride a quick wipe of the chain with a rag to get the last bits that flaked away, but are hanging on.
Has worked well for me, but naturally, YMMV.
Lance Evingson
Saint Paul, MN USA