White lightning is a wax based teflon lube for bicycles. It goes on wet, then dries. The idea is that the wet loosens dirt/grime then flakes off when the wax dries. Works great on bike chains!
I have used it on my gears, but i didn't like the build up. You have to use it sparingly or it can wash out the diff lube and bearings.
I run my gears dry now.