I recommend using 5W-20 or 5W-30 motor for lube. Grease, light machine oil, 3 in 1 oil, WD-40, Lionel Lube, etc., all will dry out and get hard or gummy. I have a 2025 loco that was put in the box in 1965. When I took it out of the box about 2 years ago, it did not need to be lubed, and it ran just fine. I had lubed it in 1965 with Valvoline 20W-40. Motor oil never dries out.
For the 726/736/671/681/2020 locos, you must remove the shell to lube them. 3 screws.
For the diesels, you must disassemble the motor and gearbox to lube them.
For the whistle tenders, you must remove the shell to lube them.
I recommend lubing the pickup rollers.
I also recommend lubing the commutators but not unless the slots are clean. The oil will release the dirt from the slots and foul the commutator. I do this with all my locos, and it reduces the motor friction. And no, it doesn't interfere with the electrical operation of the commutator.