What's a good way to clean the bearing? Right now I got it soaking in some penetrating oil
Take it out and clean it in mineral spirits or acetone.
This is what I do:
Thick lube 1-2 drops, spin it in for a couple of minutes. Then add a drop of thick lube.. Spin it in for a couple of minutes. The idea is to lift up contaminants into the lube.
De-shield if you haven't already.
Drop in mineral spirits for at least 30 minutes. Shake often, say, every 5 minutes.
Use small slips of paper to stick between the races and balls and pull through until they come out both dry AND clean.
Soak in acetone, 10-15 minutes. Spin dry. If any feeling of grit, then continue:
Re-clean in mineral spirits. Lube optional at this point. Use paper slips between the balls and races again until both clean and try.
Soak in acetone for 10 minutes. Spin dry.
Should be done.
I've been doing this to a lot of bearings, including bearings I declared dead, and it's bringing them back to useable life!