this sounds fishy, but..
 

has anyone ever heard of using peppermint oil for lubing up the inside parts of a reel?

I have not heard of that, I'm sure it would smell a lot better than WD40 though.
But with how much some reel's cost, buying reel oil is a drop in the bucket. I personally really like Quantum's Hot Sauce, and Penn reel grease for my gear

I highly agree with the Penn reel grease for the gears, but I also use the Penn Oil that comes with the grease. Those both seem to work really well.

After using the peppermint you might have the urge to eat some candy canes after a day on the water.

I use or prefer cals grease for gears.

Is that suppose to be an alternate, in case you don't have WD40 but theirs a candy store across the street, or is it supose to be the best thing since bull shot?

thanks guys, i'll just go with the penn stuff