I usually use Ed's TNT Bomb Ass Butter. But Dynawax or whatever beeswax would probably be fine. I know lots of folks just put a little mineral oil into some beeswax and they have the same thing for way cheaper.Wax? That's interesting, what kind if you don't mind me asking?
To clean the stem, I just slather on a nice layer over the whole thing, leave it alone for about an hour and then wipe it off. I don't actually have to clean my stems very often but it works really well.