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This. I use a large bubber made container.....fill with boiling water disassemble and put all metal parts in. Like you said cosmo floats to the top. Clean and oil all the metal parts.....then I use a hair dryer on the wood to melt the cosmoline and wipe it off with a rag.a teapot full of boiling water - pour over the big parts
a bucket of boiling water - drop the little parts in - the cosmo will float up & resolidify when the water cools down -you can recycle - good as new...