What's involved in lubricating a VPI Scoutmaster ?

VPI recommends lubricating the VPI Scoutmaster turntable once a year. Since this is my first high-end turntable I would like for someone to explain exactly what has to be lubricated, what type of lubrication to use, and how exactly do you do it? There is some type of puddy-like substance on top of the spindle where the platter rests which appears to be dried up. What should I replace this substance with? Thanks