Engine oils are designed to work within a sealed environment, where all the crap from your car wheels doesn't contaminate the oil and stick to it like glue. Engine oils are designed to STICK to everything and for everything to stick to it, thus when you flush the engine oil out, contaminants come out with it rather than clog up your engine.
I would never ever put engine oil on my bike... Quickest way of wrecking the drive train. Every bit of crap from the road is going to stick to it. Its thick and gloopy and designed to thin out as it heats up, something your bike will never do.
I use GT85 on my bike, keeps the water out, doesn't attract ANY dirt and doesn't keep going black like everybody else s drive-trains, even after rides in the wet.
WD40 is also a perfectly awesome lube, does the same thing, keeps out moisture and lubricates.
I last sprayed my chain with GT85 at the start of the year and its still clean, still lubed and seriously quiet too for a Shimano 105/5700 drive-train.
I've tried all the fancy wet lubes, expensive lubes etc and found them all to be a complete waste of money, with ALL of them resulting in a black chain/cassette resulting in chain imprints on the back of my leg that doesn't wash off for days and a chain/cassette full of grit.
I could always see the grit when using the chain scrubber as it would all stick to the magnet at the bottom, it was horrible, and I don't ride a LOT of miles.. 30 to 60 a week at most, rarely when wet.
Just gave away 6 different bottles of rather expensive and well known brand lubes to a friend who cycles a LOT more than I do and he didn't want them, turns out he uses WD40 and doesn't have any problems.
Simon from GCN also uses WD40 :-)