Some bike experts will tell you to oil anything that moves. We not go that far, but if you're wheeling out from winter storage, take time to drop a little oil at crucial places on your bike.
When a bicycle is in regular use, lubricate the freewheel, brake calipers, cables and derailleurs every two weeks. Use a bicycle oil or a petroleum distillate spray, available at hardware stores or bicycle shops. Don't rely on ordinary household lubricating oils; they're too thin for heavy-duty performance.
If the bike has oiling holes on the hubs, pedal axle, bottom bracket or headset, oil them all at the same time. If there are no holes, these parts are packed in grease; serious bikers may disassemble and repack them every six to 12 months.
On 10-speeds, there's a slot on the back of the freewheel where the freewheel meets the hub. Put a few dropss of 30-weight oil in here, to grease the bearings inside the freewheel.
Once a month, or more often in dusty areas, remove and lubricate the chain.
The chain can be lubricated, without removal, with a spray lubricant, such as WE-40. But don't use spray lubricants on anything that has bearings.