I use Shell Advanced Chain Lube, got the can when I got the bike last year - I lube every week after wash (500k a week) and that can has lasted 20,000k so far. If flings a bit, but I put the farker on the centre stand get her in 6th and build the revs up. Then I wipe off the rim with WD40.
As for cleaning - a minor clean can be done with WD40 on a rag, but for a real deep down clean Parafin works wonders. Just remember to leave the chain over night for the parafin to evaporate before you lube again.
I do a minor clean every couple of months and a major one about twice a year. How much you ride and what you ride in make a difference. If you're a fair weather biker and only ever ride clean roads you won't need to clean as much as those who ride in rain and use graval/dust tracks.
Just as a warning (I know most arn't this dumb) but don't hold a rag to the chain with the motor running. A guy who lived over the road from me in England tried it, and now the fingers on his right hand are a tad shorter then they should be

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07 ZX10R since new, tracky TBA, KX450F, 87 CR250 restoration, GT MTB - I've got serious thrill issues, dude