ORIGINAL: blw
I wouldn't use either castor or WD40 for long term storage. But, castor does provide some rust protection in any case.
The best after run and storage lube is probably something like CorrosionX.
I never said to use WD 40 alone for storage, you use wd40 first to help aid in the removal of residual moisture left over from the methanol in glow fuel, then use trans fluid to protect the inside of the engine. There are many different oild out there that will work but I do know this method does work as I have been using it since the mid 80's and have never had an issue since. Trans fluid is a great choice for three reasons, 1 you can buy a quart for a couple dollars, 2 it is one of the best lubricants in the world, 3 it wont attack any of the o rings or plastic on some of the carbs and it will not attract any moisture.