Its the top bush in the swivel housing and to be honest it has a hole in the bottom that is about 1/8" or 3mm (ish) in diameter and it is suposed to be lubricated by the gear oil in the swivel housing splashing thro the hole??? Mine had no oil in it (At all!) and it still hadn't worn out. The Rialko is a pivot point for the hub to rotate on when stering and I think it also dampens steering wobble a bit. I am renewing all my seals and will be using one shot in em when ive done. Like I mentioned bought mine with no oil in it at all and it was still fine and I have no idea when it last had oil in it before so it cant be too crucial to its well being.
 

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