Tate,
The best way I can answer your question was to scan in the two pages of instructions from a Singer buttonholer manual.
Oil is obviously sewing machine oil, but the Lubricant is actually the Singer grease in the tube. Same stuff they use in the motors.
All of the buttonholers that use the cams are made by Greist and regardless of the clam shell are the same underneath, and these instructions will cover it.
Joe