Wax sucks, imho. I went through the whole chain-waxing spectrum of crockpots, ultrasonic cleaners, all the different wax recipes, as well as the ones that are premixed and ready to roll. After participating in dozens of discussion threads, and reading every possible chain-lube method, I've come to the conclusion that synthetic automotive transmission fluid (ATF) is the best choice for all conditions. My arguments follow:
1. ATF is reasonably clean. It does not seem to attract dust and dirt like regular oil. ATF has no tackiness to it, well, not much tackiness anyway - not as tacky as motor oil or bar and chain oil - so it doesn't get as filthy as other forms of lube.
2. It penetrates. ATF will work its way between the chain plates and pins a little easier.
3. Cleans up easier. I hit the chain with a little WD40, and give the chain a good wipe. Usually this does the trick.
4. Economical. A quart of oil - I use Mobil 1 synthetic - lasts a long time. I apply it with a refillable pump-type oil can, let it drip a little, wipe it off and ride away.