I use Black Magic Tire Shine to recondition small rubber parts. I put them in a bowl and coat them liberally with the tire shine and let them sit for a while. The Tire Shine contains distilates and silicone and does a great job of softening the rubber (when soaked), protecting it and making it look new. NOTE: You do NOT want to use this on anything that you don't want slippery. Do not use it on the peg rubber, the seat, the tires or the grips:
And the rubber pieces, happily softening up. The brown gunk is dirt and oxidation that's soaked out of the rubber: