I used a 1:10 solution of grocery store molasses on a hatchet head and hot punch I picked up at the flea market last summer, and it certainly worked well, though I think it took a couple weeks. The nice things about it are that it is cheap, readily available, and doesn't promote rusting of the metal once it is removed from the solution. The drawbacks are that it is slow, it leaves the surface of the metal a rather unattractive greenish-grey color, and a solution of sugar-water left in summer heat for a couple weeks isn't the pleasantest smell in the world.
It might not be wise to use it on springs, either, but I've not tried it on springs yet or gotten a clear answer from the 'net as to whether it will cause springs to break as do certain other rust removing agents.