Wet Lubes.

Wet lubes are typically oil based and are designed to lubricate as well as displace water, thereby protecting the chain from wear and rust.  Although wet lubes are best for wet conditions, they tend to attract dirt and are best suited for riders that keep a regular maintenance schedule...cleaning and lubing frequently to avoid grimy build-up attracted by the wet lube. Some wet lubes are now formulated with additives traditionally used in dry lubes. The most common of these are PTFE's(Fluoropolymers like Teflon®) and wax.  These additives enhance wear protection while maintaining the basic wet lube characteristics.

Pros: 

• Best for wet conditions, stays on when wet.
• Fills gaps in chain and component parts to inhibit water and contaminants from entering.
• Longer lasting than dry lubes, allowing for less frequent application, although avid riders will find themselves cleaning and lubing more often to avoid grimy build-up. 
• Resists salt corrosion
• Better at reducing drivetrain noise.

Cons:

• Attracts dust and grime.
• Requires more frequent clean and lube cycles to keep chain operating optimally.

Summary:  Wet lubes are best suited for these conditions.

• Rainy
• Snowy
• Frequent stream crossings on trails
• Commuters and kids that may encounter various weather conditions on their way to work or school
• Marine environments

Specialty Lubes.