I do the Waterman approach but after a we ride or a few week lift the collar and apply a little engine oil, it seem lighter than the chain lube and keeps it silky smooth. I now swear by it even for fork seals!!
Previously i also had a problem with it not releasing. If you get brake and clutch cleaner and spray a little on the release nipple under the remote arm under the saddle and press in 10 times turn upside down and press 10 times repeat a few time let it evaporate off and then put a drop of engine oil on the nipple. Obviously cover and seals to stop the solvent damaging them.
Hope this helps