Who has adjusted their chain?

[oldyaler_imp]

In theory, the lube is sealed in the rollers so lube on the sprockets will do more good than trying to get lube past the o-rings. I could be all wrong, but that is how I see it.

Correct. There is lubricant inside the bushings. The O rings seal the bushings. The lube applied to the outside protects the O rings from dirt and grit and also protects the metal parts from rusting.