I've greased and oiled my reels before but never put any serious thought into which is appropriate and where.  Obviously you put lubricants on moving parts where they meet but when is it more appropriate to put one instead of the other?

Grease the gears and oil the bearings and worm gear....

x2. Also, both a little grease & oil go a long way. Don't overgrease the gears and only 1-2(at most) drops of oil WHERE oil goes, such as bearings. There are a few websites via google that will give you the very basics of maintaining a reel.

You would be horrified if you saw how I lube my Daiwa Emblem 6500X.

Pull side cover off, pack full of Castrol bearing grease, re-assemble.

Then again, it spends a fair amount of time immersed in salt water.... ;D

I don't know what kind of reels you own but if you use shimano here is a link to their reel maintenance section.  It shows you how to do a basic clean and lube of both spinning and casting reels.  I do this but I also send them away to get fully cleaned once a year.

http://fish.shimano.com/publish/content/global_fish/en/us/index/customer_service0/reel_maintenance_instructions.html

Grease in gear except on worm shaft, also in bearing except the spool support ones.

Quantum recommends the following.

Lubrication points on baitcasting reels are as follows (some part descriptions vary from reel to reel):

Grease: Main Gear, Pinion Gear, Pinion Yoke, Worm Shaft (light grease), Worm Gear, Release Slider, Worm Shaft Guard, Anti-Reverse ratchet (when applicable), Continuous Anti-reverse clutch sleeve (when applicable), and Bushings

Oil: Spool Shaft, Spool Shaft ends, Handle Knobs (both sides), Spool Release Mechanism, Level Wind Stabilizer Bar, and Ball Bearings.

Lubrication points on Spinning reels are as follows (some part descriptions vary from reel to reel):

Grease: Main Gear, Pinion Gear, Worm Shaft, Worm Gear, Oscillator Gear, Continuous Anti-Reverse Clutch Sleeve, and Anti-Reverse ratchet Bushings.

Oil: Handle Knobs (both ends), Bail Hinge (both side of rotor), Kick Lever Mechanism, Bail Spring, Bail Spring Holders, Roller Bushing, and Ball Bearings.

Okay!  Thanks for all your help!

I just paid $20 for a local tackleshop to do that.  Sounds complicated.