When selecting an oil consider the skin type and season of use. Richer, or thicker, oils may be better for cold seasons while lighter oils will lend themselves better for warm weather. If the recipient has oily skin already, using a very rich oil may be uncomfortable. Also consider the amount of body hair – will a richer oil make gliding strokes easier over a fairly hairy back?
Jojoba Oil – not an actual oil, Jojoba (pronounced ho-ho-bah), is actually a plant ester, or wax. It has similar properties to oil but closely matches the skin’s own oil and therefore is widely used for face massages and sensitive skin types.
Olive Oil – very rich oil that may be too thick for sensitive skin types or those prone to breakouts or acne. Great for dry skin or wintertime use.
Sesame Oil – a medium to rich oil with a light scent.
Sweet Almond Oil – has a slightly sticky quality and would go well with dryer skin types or for moisturizing during dry seasons.
Definitely olive oil. We've been using it since we first met (literally, we fucked within an hour of first meeting). She grabbed the first thing she could find in the kitchen. Worked so well, we never used anything else.
You can check out The Sage. That link goes to their lotions and creams recipes, though they're more known for soaps and such.
Google homemade soap sites, some of them have all kinds of articles on lotions, creams, and massage oils and they'll give you a really good idea on the properties of different oils.
Pure aloe vera gel. 99% is fine. My pussy is really picky over what I put in/on it, and aloe vera gel is one of the few things that does not irritate me. I always use it when I masturbate, and I use it with my boyfriend whenever possible. He likes the fancy silicone lubricants with cooling/warming stuff, but that stuff irritates me. Plain silicone does not seem to bother me as much.
Aloe vera gel is a lot less expensive and great for all purposes. Aloe vera gel is also water-based, so it is safe to use with latex condoms. I saw it as an ingredient in a lubricant in the store one day and wondered why I should pay that much for a tiny bottle of the stuff when pure aloe vera gel is so much less expensive. If you have a Trader Joe's, that's a good place to get it.
My anus is not as sensitive. I can get away with lotions there.