Apply lubricant round willy regularly (3)

I believe the answer is:

oil

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'apply lubricant' is the definition.
I can't judge whether this defines the answer.

'round willy regularly' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
The alternating letters of 'willy' are 'il'.
'o'+'il'='OIL'

Can you help me to learn more?

(Other definitions for oil that I've seen before include "eg Olive" , "Viscous substance as lubricant" , "valuable commodity" , "Cooking agent" , "Anoint" .)

I've seen this clue in The Independent.

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