To lube or not to lube the hitch ball

I do lube the reciver ball, but not with grease. A friend turned me onto a better solution with just as great results. He uses a toilet wax ring (no not a used one) to lube the hitch. I switched to that and its great, even if you get on your clothes it washes out easilly without stain.

And since I bought a ring and just mashed it into a big chunk wrapped in wax paper, its been 3 years and still lots left.