I use MEK (methyl ethyl keytone) which is a kind of paint thinner. It penetrates deep into the wood, soaks out the old oils and crud, will not dimensionally effect the shape or size of the wood, it evaporates quickly (within minutes), and it's non flammable (the trait that sets it apart from other mineral sprits).
Water causes wood to swell, warp, and raises the grain. Lye is extremely caustic and literately "eats" the wood. Yes, they work and a lot of people use them. IMO Kerosene, brake cleaner, paint thinner, MEK, even gasoline, etc., all work better. MEK gets my nod cuz I don't want to become a human Zippo lighter. -- Kernel