You may notice oxidation on your bike chain as it is open to oxygen in the air. It's a thin layer, completely exposed and doesn't enjoy the 'flushing' effect that a chainsaw system does.
Veggie oil as 2-cycle.... I'm not going to pass judgement on that, but at the same time I can't endorse it, simply because I haven't personally tried it. I'll keep an open mind, however. Thanks for the info that it is feasable.
The physical properties of these oils can be looked up in <i>The Handbook of Chemistry and Physics</i>, which is not exactly a handbook. It's more like a small, heavy suitcase. The point at which the heat is high enough for the oil to burst into flame is called the 'flash-point'. I would think the lower flashpoint oils would work best as 2-cycle, but this is an assumption on my part, not a verified fact.