I use the same as Don, but first will wash the pellets with "Brakleen" (Green Can) by wetting a paper towel, then rolling the pellets around until they are thoroughly wet, then will place them on a dry paper towel and rolling them around again. Next they will sit for awhile on another dry paper towel until dry.
And, finally I will shack the living daylights out of a bottle of the Krytec Chain Wax to thoroughly mix in the residue at the bottom of the bottle before putting two or three drops into the bottom of an empty pellet tin, add ±100 pellets, put the cover on and gently shake them around until the wax has been evenly distributed, empty the tin ...then repeat.
I started out by trying Lube 1 as Allen Zasadny recommended, but like this method much better.
Dave