A good option is to use a Scotchbrite pad.
This is the same type of synthetic abrasive pads as the green pads sold in grocery stores for pot scrubbing.
Buy them in various "grits" in automotive supply houses and in limited grits in hardware stores.
As above DO NOT use steel wool, with oil or not on stainless. Particles will embed and will rust, ruining the stainless.
To prevent this from happening again, after you have the rust off, apply a coat of Johnson's Paste Wax to the frame and don't wipe it off. Assemble the grips and the wax will prevent the frame from rusting.