Gil has it pegged.
I'd just add that rimfires don't need as much lubrication as centerfires. So go very light (by which I mean none or next to none) with the oil.
Rimfires bullets are wax-lubed, and that's all the gun really needs. Shooting - especially a sem-auto - spreads the wax around throughout the action. No other lube needed or wanted. Too much lube will just turn to burned crud and force faulty operation or early cleaning.
After a good intial cleaning as Gil describes, all you need to do is pull a Bore Snake through a rimfire on occasion. How often? I do mine about every six months. One pull, wipe down the bolt and re-assemble. Done.
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