http://www.lanternnet.com/faqs.htm
My method varies a little from theirs but overall it is similar. Here is what I do: Take a 12 oz. bottle of Grandma's or Brer Rabbit sulphurated blaskstrap molasses and dump the contents in a 3-5 gallon covered bucket. (I use one of the red & yellow cat sand bucks with snap-top lid.). It's best to start with hot water as it aids the distribution of the molasses evenly though the water, stir in until the water is an even color. Dunk the bottle in too and rinse out all the dregs after you dumped the molasses out. Then put the item to be derusted in the solution. Let it sit for 24 hours then take the item out and scrub it with a stainless-steel wire brush. I buy the Lincoln welding brushes at Home Depot as they are 4x the size of the Harbor Freight toothbrushes and they retain their bristles a lot longer. Scrubbing loosens the rust top layer and exposes what's underneath it to the action of the solution.
Put the item back in the solution and let it soak some more. The longer it soaks the better it works although you will likely need to scrub the item a few more times before you've removed all the rust. Once it is derusted to your satisfaction, rinse the item thoroughly in fresh water, dry immediately, then lightly oil. The molasses solution will loosen some paints but is fine on plating. I am not sure about plastic but have a knife with plastic scales soaking in it right now and will update after it is done. The best thing is that it does not do any harm to solid metal, it only goes after rust and grease/oil too. The downside is the stuff reeks after a few days if uncovered. It will also develop a foamy scum on the top that you can skim off with a paper towel. Eventually some mold will form too but that can be skimmed off as well. I usually dump it after a month. You can make much smaller amounts than 3-5 gallons worth. I make the big dose because I fill the bucket up with many items and process them en masse. It works spectacularly on cast iron pans, they come out looking new.
is the "rust remover" ingredient in this recipe. 
However to each his own... if it feels so right, how can it be wrong Mr. Novice 
Didn't mean to bristle up your wire brush 
Having been a steelworker for MANY a years and cleaned my share oh metal over dem years, There's more to what a person might considers to be "cost effective" than the price of a jar of molasses! Time and energy spent might be considered as well and balance the other when your on a tight schedule or have a heavy work load and time constraints. But, as a fellow red blooded american with an open mind...If it feels so right...it can't be all wrong 
God bless Grandma's Molasses and the U. S. of A. 
My dear friend, we are not at odds. If you feel as though this is a cost effective method to use then more power to ya! The folks at AAPK I believe are bright, informed, and believe in free speech. It is clear to me that you value your new found method. I appreciate that, and in no way am saying that others shouldn't try it. What I am saying is... as you have your opinion I have the freedom to mine and I have expressed it. 
I asked what other methods of rust removal you found effective. How does that put us at odds or make this a free speech issue. I am very confused and apologize, for what I am not completely sure.
Thanks Dale. My suggestion is to use baking soda and vinegar. If this is something you havn't tried,depending on the size project, mix enough vinegar in the baking soda to make a paste then apply it directly the the rust and let it sit for an hour or so then wipe away and rinse. For the bigger jobs I have boiled the project in vinegar and water and was amazed at the outcome, it can lighten the dye coloration in bone handled knives, please be careful. I also sit the project up and off the bottom of the large pot so the heat is not distorting or damaging the knife in any way. Never tried molasses to clean rust off a knife, but like you I eat it on bread with butter or mixed with peanutbutter and it sure does the trick to remove the hunger out of my appetite. 
