Baby Oil seems too gritty to me. I like one of those water based ones, KY, for instance, or the generic, then I mix it with vaseline. I just add water from time to time and it lasts a long time. I also use olive oil, (extra virgin), only the best for Mr. Woody. It's all natural super cheap, and works great, but it's smelly.
However you cut it, the wet jelq is by far superior to the dry jelq.