I use Napa oil/water at 5-10% oil for wiping solution when I paper patch and have no Bore Pigs of the right size. With Bore Pigs I use straight water. The NAPA emulsion sits in an old brown plastic Hydrogen Peroxide bottle for months in my hot garage and never has changed in smell or consistency.
I use Ballistol/water at the same ratio for either cleaning at the end of a session or wiping if I've forgotten the cutting oil emulsion. Like Gunlaker, I haven't found any significant difference between the two for wiping between shots. It's obviously the water that does the real work there.
Cleaning is another story. I use the Ballistol/water mix, inside and outside, until the patches are no longer black or gray and follow with a wipedown and bore patch of pure Ballistol. The gun is then good for months in the safe. Ballistol, used this way is especially good for my .32 caliber muzzleloader, which always has the potential to trap moisture in its narrow closed barrel. I used to clean with soapy water, dry, oil with RIG, and then have to check it in two days to make sure no rust was forming. I would frequently see the beginnings of an orange/brown deposit on the patches and would have to wipe and re-oil. With Ballistol, the problem went away.
It does smell pretty funky, although it can be gotten used to and then evokes memories of previous shooting sessions in the manner of Hoppe's #9. Since the shooting sessions thus evoked are smelly Black Powder shooting sessions rather than aromatic smokeless powder sessions, the difference from Hoppes #9 is more characteristic and memorable.
The manufacturer might consider putting Wintergreen in the formula, like Bore Butter has, to cover the odor. Or, perhaps, a variety of scents, for every customer's preference. Then it would be like toothpaste or soap; you'd never know what formula you wanted.