What is the Timesaver?

This is a classic switching puzzle invented by John Allen, the famous model railroad pioneer.

One thing that is universal among all of our rolling stock in large scale: The moving parts will require lubrication!
The 5 key elements are:

1. What to lubricate (lubrication points)
2. How often to lubricate
3. How to get to the lubrication points
4. How much to lubricate
5. What type of lubrication.