I washing it down spinning using WD40, give it a desultory wipe with a rag, and call it good. The WD40 is just for rinse purposes, not as a lube. Every so often I'll follow the WD40 with a bit of actual chain lube, but that's mainly because I seem to have multiple cans of the stuff taking up space. I doubt it actually does any good.
Chains last 15-25k miles doing this. I figure the return on investment in taking better care of a chain is pretty minimal, so I choose not to bother.
Mark
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