Areospace 303 Protectant is what I have been using, and it is excellent... It leaves absolutely no oily residue and also protects from harmful UV exposure. I use it to clean any rubber on lenses and bodies...
The rubber on my 300mm F4L IS lens hood started to get slightly sticky, a sign it was breaking down. I applied the 303 to clean it, and it's been as good as new ever since, and no longer has that sticky feel. I shoot outdoors 98% of the time, so the UV protection is a real plus..
To apply it, I use a good lint free cloth and spray it on the cloth first and then wipe whatever I am cleaning, don't oversaturate the cloth, you don't need too!! Just dampen the cloth and wipe away!
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