Follow this link to the easy method...
Chain Waxing Made Easy - 101
I do just about the same thing as mello dude, except I don't waste my lube spraying 5-8 links at a time. Put the bike on the center stand when you come back from a ride. Leave it running and then put it in first gear. Let the motor rotate the chain for you. You can still put the cardboard behind the chain in front of the swingarm and spray. I prefer chain wax. It cleans as you buff it off and stays on a long time. I usually wax once a week cause I ride everyday. It sprays on golden so you know you have coverage. Just check out my link above... so damn easy... after you spray, shift to neutral and turn off the bike. Then get a mechanic's rag and buff the chain of excess wax or lube. It still adheres to the chain. Don't believe me, then run a finger on it when you're done buffing. Don't leave your chain 'golden' with chain wax, or 'white' with BelRay... buff it off clear. If you don't your chain will get dirty FAST! The above link also includes another link for pics of what I am talking about.
Stan