Silicon doesn't do a lot against rust. VPI paper is good but it has a shelf life and it's difficult to keep the stuff around all the time. My answer is oil.
The best 'gun' oil I've found is Automatic Transmission Fluid from Walmart's auto lube dept. It spreads easily, penetrates great and has excellant film strenght to protect from rusting but it wipes off my dies very well for use. All oils eventually evaporate, most - such as WD-40 - leave a gummy, varnish-like film but ATF does not.
I oil my dies after each use, put them away and clean them before the next use. Cleaning is with a custom made swab of toilet paper wrapped around a pencil and dampened with cheap mineral spirits/oderless paint thinner; couple of spins inside and the die is ready to use.
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