Desert_Nomad1 hit the nail on the head. It depends on your environment.
In the high desert of Nevada, I ALMOST don't lube anything (excepting critical contact points). MAYBE I'll lightly lube the barrel and exposed metal surfaces if I know I'm not going to use the weapon for a long time.
Conversely, over in the Bay, or even back in upstate NY, I'd store 'em in a 55 gallon drum of motor oil if it were practical. Actually, back east the current lub of choice among my compadres is a product called Fluid Film (which is essentially pure sheeps wool lanolin).
The cool thing about Fluid Film is you can drench the weapon with it, wood stocks and all, and it's friendly to even every wood finish that I know of. Of course, back there it's so humid that nothing is ever dry. You can paint a wall and set a gun on the floor and the gun will rust before the paint dries.