I'm gonna buck the trend - I find light machine oils for most applications on reloading presses less than satisfactory. The press and everything in the process stays grimier in the long run.
But I also am a strong proponent of regularly breaking down the press, thoroughly cleaning/de-greasing, and lubricating when reassembling with quality heavy oil or sometimes good grease where appropriate, and powdered graphite in areas not suitable for oils . Have run two D550's and a Rock Chucker single press for a whole lotta years and find many who load great numbers of rounds don't clean their presses (and sometimes work areas) nearly as much as I think prudent for my taste.
A complete breakdown (especially for the Dillons) is not convenient and admittedly time consuming if done right. Using brake cleaner and such is quicker and not as labor intensive, but the major bearing surfaces with extremely close tolerances do not get as clean by spray cleaning as actually breaking down to the parts, and abrasive brass and burnt component particles and lead particles that migrate into these bearing areas are not flushed out efficiently simply because the tolerances are so tight.
But I also acknowledge it's comparable to someone who shoots a few boxes of rounds a year in their deer rifles as opposed to an action shooter who is active during the competition season. As designed, quality dies and presses by Dillon, RCBS, Hornady and others are in not much danger of getting worn out by most even over a lifetime. My opinion is more are ruined by poor storage, maintenance and upkeep than use. I'm getting long in the tooth and competition shooting is, for better or not, in the rearview mirror. But my presses are still in good shape, though not from lack of effort in attempting to wear them out.