My formula for Ed's Red:
1/3 ATF
1/3 Kerosene
1/3 Acetone
There's always gallon of this stuff sitting out in the barn where the tractor and other equipment is worked on, and a couple of old fashioned oil cans of it in strategic places about the farm. It's by far the best I've ever used.
My guess is the acetone thins the lighter oils out enough for them to seep into the cracks and then evaporates quickly, leaving the oils for a lubricant.