I used to use the sewing machine oil. Now I use a teflon "oil" for bicycle components. It's as fine as the sewing machine oil and seems to last forever.
As Rives audio pointed out, the best thin oil money can buy is from bicycle source. Tri-flow, Superlube, and others are the best thin oil money can buy. If you need grease, white lithium grease from bicycle store is also the best source.
If you need in betwee, any synthetic motor oil should do a fine job.
SAE 80W90 is recommended by Rega. It's available at the hardware store (gear lubricant at ACE) 2 drops into the spindle. First, clean spindle and bearing with alcohol and dry with soft cotton rag.
xiekitchen- yes, your rega needs a lube job periodically. My P2 made a popping sound eventually. Rega told me to relube it with 2 drops of gear oil. The old oil had turned into black, dirty sludge. Poor lubrication stresses the belt and motor.
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