11-16-2011, 09:14 PM
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Acetone (like old school nail polish remover). Acetone also mixes with water, so that any traces of it can be removed completely once you're done using it to get the oil off by just rinsing or washing quickly. Acetone won't harm metal, but if there are any plastic polishes/coatings on the bit, I might not use it since it would damage or remove those too.