I use a bit shaped like the one Mr. Rase shows in his photos. I have tried both jobber tipped, and brad points, and find them both to wander in this, my most dreaded job. But this type of bit seems to work best for me.
I think Mr. Kibler's advice is great, too. Personally, I use a mix of beeswax and Crisco as a lube, and I only go about 1/8" to 1/4" before I clear chips. This is important, because you might be surprised how much just one chip can throw off the trajectory of the bit, and a small amount gets magnified with greater depth. Also, once I have cleared the chips, I will put the drill back into the hole, with no lube, and linger at the bottom of the hole WITHOUT advancing the bit. I then pull the bit out, and look for any chips or dust on the cutting edge. If I find it, I will repeat this process. If not, I will lube again, and advance as usual. About every 3", I pull the drill and check the hole with a chunks of ramrod I have cut specifically for this purpose. If I feel resistance, this indicates the bit is wandering, and I need to think about how I wish to proceed. So that is what I use, and how I use it.
M. E. Pering