….DON’T DO IT!
I had a customer ask me at our local outdoors type store, what was the best grease to use with his spinning ice fishing reels. I told him none of course. If your reels are dedicated to just ice fishing rods, meaning you either leave them taped up or on the reel seat all year, then for one thing, the grease that came in the reel originally will last for years.
Second point, it is really easy to “over” grease your spinning reels. If you have ever over greased a reel, and then tried to fish with it, you probably already know where I am going with this. The grease thickens to the point it actually becomes hard to turn the handle.
If you think your reel is in dire need of some lubrication, I suggest you either look around the garage, or run down to the local hardware and get some 3-IN-ONE oil. Because of the cold weather on the ice there naturally isn’t has much heat build up on the bearing and gears. Just a few drops of this lightweight oil will keep everything spinning smoothly and allow you to turn your hand, and fight the fish with ease for years to come.