The majority of commercial gun oils are simply rebranded transmission and motor oils.
Due to being in charge of U.S. Embassy armories at numerous locations oversees, I have maintained literally thousands of weapons.
Cargo/Connex boxes full of the things.
Belt fed MGs, bolt action sniper rifles, handguns, you name it.
What do I use:
Motor oil.
0-W20 in the winter, and a heavier oil for the summer.
I have a BUNCH of samples I have used from visiting various defense manufacturers, and industry reps and none of them do anything any better than plain old motor oil.