There was an article about a year ago in "Machinist's Workshop" magazine that did an excellent and fair comparison of penetrating lubricants. The best commercial product was Kroil, followed by PB-Blaster.
However, the article also mentioned that steering pump fluid mixed with a small amount of acetone (don't remember the exact ratio) was as effective as Kroil and PB-Blaster.
Maybe someone remembers the exact article and can post the particulars. If not, I'll try to find the info when I get back home this weekend.
"The April/May 2007 edition of Machinist's Workshop did a test of penetrating oils where they measured the force required to loosen rusty test devices. Buy the issue if you want to see how they did the test. The results reported were interesting. The lower the number of pounds the better. Mighty interesting results for simple acetone and ****** fluid!
Penetrating oil . Average load .. Price per fluid ounce
None ................. 516 pounds .
WD-40 .............. 238 pounds .. $0.25
PB Blaster ......... 214 pounds .. $0.35
Liquid Wrench ... 127 pounds .. $0.21
Kano Kroil ........ 106 pounds .. $0.75
ATF-Acetone mix.. 53 pounds .. $0.10
The ATF-Acetone mix was a 50/50 mix (1 to 1 ratio)."