A small dab of lube on the extraction cam and cocking cam is also a good idea, IMO. It makes the bolt opening cycle easier than if they are dry.

Just about everyone will have a slightly different method, but I wipe down the bolt with Break-Free CLP, then wipe over the bolt with a dry rag to remove the excess oil; I just want an oily film over the metal, not oil smearing all over everything. The back of the locking lugs then get a thin smear of Pro-Shot Pro-Gold grease. If the action is dirty inside, I use some Break-Free CLP on a rag or Q-tip to clean it out and then use a dry rag/Q-tip to remove the excess oil.

Wayne and KYsquirrelsniper nailed it. One other tip if you are going to be hunting in very cold weather. Take the bolt assembly completely apart. Get everything down to bare metal. Heat to about 150 degrees (hot to the touch). As it starts to cool down wipe on a good coat of Bore Tech's Teff-Dri . Let it set for a few minutes, then buff the parts up. Repeat once more. That puts a good teflon layer on and in the top layer of the metal. Everything slides, nothing sticks.
JCN

As I'm not using my rifles in extremely cold or dusty conditions, a bit of automotive wheel bearing/chassis grease on the lugs and camming surfaces works well.

If I were going somewhere really cold I'd degrease 'em and go dry or with a touch of the synthetic stuff, but I'd have to have so much new gear to get by in subzero weather the rifle's lube would be the least of my worries.