ahhh... another "what oil in my ratchet" thread!
I use Marvel Mystery Oil and maybe a tiny dab of white lithium grease (i.e., "Lubriplate" or something similar.)
Somewhere on this site is an anecdote about a bunch of old-school wrench-turners who all worked in the same shop, and each night at the end of their shift dropped their ratchets into a bucket of oil. The next morning they'd wipe them down before starting work.
When I asked Guy Wheaton, the Indestro factory representative, what to use he told me "Just plain old oil" (That would have been in the mid-1970's.)
Some guys here swear by heavy wheel-bearing grease. Might be okay for an old 1661 Penens with a 24-tooth mechanism, but it's probably way too thick for the newer super-fine-tooth models of the current day.