Many of the motors today have a fiber washer (slinger ring) on the shaft inside the cover that would prevent any oil dripped on the shaft from actually getting in to the wicking material that keeps the bearing lubed. You almost need to disassemble the motor to get at the wicking and put the oil right on it where it will do the most good.
In the old days, they used felt pads for wicking. More recently it looks more like shredded tissue paper. Like Brett said, non-detergent oil - 20w preferred.
The wicking is meant to last about 5-6 years. All these comments are for sleeve bearings. There are very few ball bearing motors out there in residential air conditioning systems.