For light areas of rust I would use WD-40 to penetrate and loosen the rust. I would then use a Scotch-brite pad to remove the rust. After the surface was clean, a treatment of Johnson paste wax would help prevent the rust from returning. It's important to use a wax that does not contain silicon. Silicon can interfere with wood stains and finishing techniques. I used these products for years and they work fine.
A couple years ago I switched over to the T-9 product line. I like the T-9 rust protection a little better than the paste wax simply because it's easier and faster. I also think the T-9 rust remover works a bit better than WD-40 at loosening the rust. You can find the T-9 products at most good woodworking stores. Woodcraft sells the product if you cannot find it locally.
The number one tip is to prevent the rust in the first place. If you live in an area where rust is a problem use one of these rust protectors before you see the first spots. You will save a lot of elbow grease with a little prevention. Rust can be a pain to get rid of once it gets a good hold on your tool.
If you are reading this in the email newsletter you may not be able to view the video. Please visit the blog and watch it there.