I have come upon a used Dewalt plunge router that was in a router table. It takes 1/2" bits. When I took the collet out it had a dried-up coating on it. I don't know if its grease (intentional)or soda pop (unintentional).
Anyone ever heard of lubricating a router collet with grease? I have the collet soaking in solvent. I plan on putting it back together clean and dry.

Can't think of a single reason for lubing a collet, they use friction to keep the bit from spinning inside the collet. May be something that was being shaped by the prior user. Possibly old finish from trim being cleaned up or reshaped or even sap from wet wood.
I agree with clean and dry.
I also don't leave any bit in my router just in case there is some moisture present (or curious kids!) Mine isn't a plunge type and the startup torque could twist it out of a kids hands.

I have 2 or 3 routers. They all collect a dust/sap ring. Dont use grease. Clean it and keep it dry.

Thanks. I'll keep it dry. I just can't figure out what got in there.