Forgot my hose trick for saltwater anglers... (n/a for fresh)
run the hose over the reel in the positive direction to get the spool spinning like a waterwheel... this creates centrifugal force to shed water outward. With any good reel you can get it going fast enough to be shedding water FAST. I then occasionally reverse the water flow to slow it down, speed it up again, etc - to clean the spool and line out thoroughly in about a minute.
Pop the spool off and rinse out the inner workings, then run a little water into the hole where the spindle goes and force the spool on and off a couple times with water in it to force a little flushout of that and it's done.
People often give the reels a little soak after a long trip in their stripping baskets or sinks.
I like lithium grease for grease areas (gears, etc) and high quality reel oil for oil areas (handles, etc).