I use CMT Formula 2050 Blade and Bit Cleaner to clean my power carving burs. It works good! I use the same stuff to clean my table saw blades. It also does a great job on them.
I soak the dirty carving burs overnight in an old pill bottle. They come out nice and clean the next day. If you do it often and don’t let things get out of hand.
I use to think this stuff was “Citrus Orange” based. But, I am wrong. When I read the bottle it says “More Effective than Citrus or Acid Based Cleaners!” It also ticks all the rest of the boxes. “Non Toxic, Non Flammable”, etc.