It depends on your situation. If you're going to store it, put a light coat of CLP on everything before you box it up. If you're going to carry it in a dry, dusty climate, then only use a drop of CLP on a Q-tip to oil the rails and the point where the barrel hood and the slide come together. If you're going to carry in a humid environment, then a very light coat of CLP will protect against rust. If you're going to carry in extreme cold (freezing or colder) leave it dry.
Or you could just read the instruction manual and follow the guidelines set forth there.