When I used to make it, I mixed it 7 parts water & 1 part Oil. And it will eventually separate if it sits a long time, so I suggest not mixing up allot at a time. Mix a pint or quart, use it, mix more, etc.... Mix a gallon & leave it on the shelf & don't touch it & watch it & in a month or so a scum will form at the top of the jug & milk on the bottom & then for some weird reason it don't want to mix that separation part back up too. You can shake the H out of it & the scum oil will not mix back in.
This is a good mixture if you are going to shoot dry patches. Make the lube, pour in a bucket, put the patch material in the bucket & leave soak for a hour or two, take out the material & Very Lightly wring out the excess fluid, lay on a flat cookie sheet in the sun to dry. Then cut into strips or patches & have dry lubed patches.The water evaporates & the oils stay impregnated in the fibres.