i use the same thing and get a LOT more fling.. maybe i'm using too much...
I follow Ca-Cyclworks Chris' advice: lube (Chain Wax) a warm chain, let sit a few seconds and wipe off the excess. This will lube and clean the chain at the same time.
Also, I have a Scottoiler* on my Bandit that uses 80-90 wt gear oil and I have NO chain guard and I get no fling on my leg (or any other body part).
*I have the eSystem (e for electronic) which is accelerometer-equipped and only oils the chain after the bike is in motion. It works beautifully: I haven't adjusted my chain in over 8000 miles, and I've only wiped off the excess oil/dirt 2 or 3 times!!