What is the best way to clean bits?
You don't have to use a toothbrush every day.
I find the easiest thing to help you in the bit cleaning department is to dunk the bit in a bucket of clean water after you take off the bridle. Then hang it to clean later, or clean the bit right now. Usually, you will be busy and will need to come back to the bridle for cleaning later. Giving the bit a good dunk and shake will get most of the "goo" while it waits around for a real cleaning. When you are ready to clean, I dunk again and then use a rag or washcloth to wipe the bit. I pay extra attention to the joints and where the ring meets the bit.
This is where the rubber meets the road! Lots of goo here, be sure to clean inside the leather loop.
Much of the bridle goop that accumulates on your bit rings comes from the loops in the bridle that hold your bit rings. Clean them with a toothbrush or a pair of loofah gloves. Having an old toothbrush helps reach into the nooks and crannies of the bit itself, too. Please do not use a co-workers toothbrush unless they really, really deserve it.
Keeping your bridle goop free helps a lot.
A wash in the dishwasher also works for cleaning your horse's bit, but if you dunk and clean every day, you will never need to do this. You can also toss your stirrups and spurs in the dishwasher if you like.
For show day, clean the bit rings, and only the rings, with metal polish.
What's your best tip for cleaning your horse's bit?