On the V-Strom forum we've found that almost any lube works quite well, 20+ thousand miles on those bikes. For some reason, the current yellow-can Dupont Teflon chain lube seems to be weaker than the older blue-can Dupont multi-purpose wax lube. The current blue-can Dupont multipurpose lube without wax is very weak. Many riders have their favorites, but the only thing that seems to stand out are the continuous lubricators, and those often make a mess as well cost a fair bit for the hardware.
Here's why an o-ring chain needs lube: http://www.ekchain.jp/feature/index.html
It isn't the o-ring or x-ring or xyz-ring that needs the lube. It is the outer roller that does not have lube sealed in by the sealing ring. The pin and inner bushing have the sealed-in factory lube.