Motorcycle chains use Buna-N (Nitrile) rubber for their o-rings and x-rings. The manufacturers recommend kerosene as a cleaner.
Here's the formulation of WD-40:
80% Stoddard Solvent (that is similar to kerosene)
20% light lubricating oil, and a bit of fragrance.
Here's the compatibility of Stoddard Solvent with rubbers and plastics:
http://www.efunda.com/designstandard...dard%20Solvent [Edited on 12-30-2004 by Shazaam!]