Your first post! Welcome Fred!
There are two styles of Jay lubricators that I know of. (I collect lubricators) Either you have a round dome two part metal device in which the bottom half unscrews to fill, or you have the glass version. The all metal one is based on US patent 1,753,718 issued to S.H. Paxton.
The design is extremely complicated internally. Operation is far superior to the lowly Ampco oiler and similar to the Marvel inverse oilers. I suggest you research the patent for details. Basically it provides a constant oil feed rate. I can't say for sure but I believe the original 'Jay' oil was a compounded oil consisting of various plant oils like castor and methylated organic acids to form esters. I don't know the base carrier but likely it was a 1920's petrol non-cat crack straight distill based derivative.
You could use MMO or two-cycle oil in it. Explaining how to adjust it would fill pages... Read the patent description.