It's a very light mineral oil usually described as "liquid paraffin" so heading towards quite volatile. It also contains 5% iso-propyl palmitate as an emollient, which might dry out and leave a messy residue. I'd say its too light for lubrication; something like 3 in 1 oil would seem about the right weight for this, it certainly lubricates a Mavic freehub well without dribbling away or causing the freehub to drag.