From RWS: (One clarification I can add is that you drop the chamber lube into the hole that the air comes out of, not the hole the pellet goes into. In any case, a little bit of lube goes a long way. Never use oil as a chamber lube; it must be chamber lube designed for the purpose.)
THE BASIC APPROACH
As was previously noted, precision airguns are unrelated mechanically to firearms. Therefore, most firearm lubricants are not recommended as they can quickly ruin internal seals by promoting a violent diesel reaction within the piston chamber. While RWS spring-piston models do rely on a tiny diesel effect to produce full power, sever dieseling must be avoided. To ensure correct lubrication of your spring-piston airgun, RWS conveniently offers procuts that are specifically formulated for this purpose. How, where and when to lubricate? Well, first do a very thorough read of your gun's owners manual for lubrication points such as the air transfer post. Once located, RWS Chamber Lube and applicator needle are the other items you'll need. Just one or two drops placed inside the chamber every few thousand shots is usually all that is required. Alternatively, you can apply RWS Spring Cylinder Oil directly on the main spring through the slot on the underside of the compression chamber. (On some models the stock must be removed first.) But with either method, fire a few dozen shots afterwards to distribute lubricant evenly throughout the power plant. And always keep the gun unloaded and on safe whenever you do any form of maintenance work.
Other important areas requiring periodic lubrication are pivot or hinge points. RWS barrel and side-cocking models are prime examples, needing occasional applications of lubricant to prevent excessive wear and to keep their joints moving freely. Apply RWS Spring Cylinder Oil or moly grease in moderate amounts to these areas. RWS Spring Cylinder Oil is also ideal for preserving your precision airgun's exterior metal surfaces. It is especially important when used in wet conditions or when stored for extended periods. Regular appliations will prevent the onset of corrosions and keep your gun looking new. Rifle models should have their actions and stocks separated at regular intervals so the metal beneath can be treated as well.