Uh...You should absolutely never use such a product on dive gear! Petroleum based lubricants can and will do irreparable damage to many of the synthetic materials used in the regulator. Many of those types of lubricants also have a fairly low flashpoint. If you were to use such types around high oxygen levels of nitrox mixes then you could have a real serious problem, real quick.
Many divers use silicone as a lubricant because it is an old standard. It is also very inexpensive compared to lubricants designed for diving gear. Christo-Lube and some others on the market are much better than silicone. They offer superior lubrication, and have a very high flashpoint. In fact, most of the synthetic materials will burn before the lubricant does.
If you feel comfortable doing so, you need to remove any hoses that have the common oil on them. Use some diluted white vinegar (approx. 25-50%) on a lint free cloth to wipe down the fittings. Wash the O-rings thoroughly in mild dishwashing detergent. You can place them in a small container to soak for a while and then gently rub them with your fingertips. Rinse thoroughly with fresh water and then let them air dry. If you notice that they are cracking or show a blackish residue on your fingers then a trip to the LDS is warranted. Rinse the hose fittings, but make certain that you don't let water run into the hoses. If you do, then use clean, compressed air to dry them out.