| Go for a mixture of the first 2 responses.
use a good quality lint free type cloth ... and throw it away when dirty. An old soft cotton T-shirt is quite good.
I use Merr polish which I think is the best.
I would add that it's worthwhile polishing in straight lines, from the front to the back, and not round and round in circles.
If you wash the bike, leather it down with the same straight strokes in the same direction as polishing. | 
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