Quick Tip: Warm the chain, lube every 500 miles, don't get any on the tires, ride bike right after to work it in, and remove excess after your first ride.
Your chain doesn't need much cleaning if you just ride on normal streets. WD-40 and a rag is about all you need and even then not very often.
If you use gear oil, oil the warm chain after your last ride of the day using a brush (not an oil can). Put something under the chain to catch the drips and wipe off excess with a rag. Let sit overnight. Any fly-off will be minimal.
If you use WD-40, spray on warm chain any time. Give it a couple of minutes to drip off or wipe off excess with rag. Ride anytime. Fly-off is moderate. If you don't have a centerstand, use WD-40 to clean the chain and sprocket using the rolling method (apply to chain, roll the bike back, apply to chain, roll the bike back, etc. until complete chain is done). After 50 miles or so, spray WD-40 on a clean cloth and wipe down any areas of your bike that may have chain lube on it. Wax these areas lightly (like your chain guard, fender, etc., and you're good for about 600 miles.
If you use spray-on lubes, be sure to spray onto a warm chain. Do not over saturate. Spray it on the inside of the chain. That way on your next ride it will be slung outwards, through the chain. Lube the chain every several hundred miles or when it looks dry. If you are going to use an aerosol chain lube, consider using PJ1 in the blue label.
For O-ring chains, bring the bike home hot and throw it up on the centerstand in neutral. Then spray PJ1 Blue Label chain lube directly at the center of the rollers at the rear of the rear sprocket. Move the rear wheel slowly and continue to apply until the entire chain has been coated. Then park the bike for the night and let it dry. In the morning the rollers are all nicely lubricated and the bike is ready to ride off. Be sure to wipe off any excess before you ride and then after you come back after the first ride. The lubing of an O-ring chain is mostly for the sprocket's life as the lube for the chain pins is sealed inside the chain by the O-rings.
Clean-up: Oil and WD-40 are the easiest to clean up/off, but also can create the biggest fly-off mess. PJ lubes or Chain Wax leaves the least amount of fly-off, but can build up on the chain itself. It's a nasty cycle of lube & cleaning, lube & cleaning.
Chain lubing is another of many reasons why you shouldn't buy a bike without a centerstand.
taken from http://motorcycles.about.com/library/tips/bllube.htm