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It could be the sway bar bushings. Just take them apart and grease them up. Probably the easier solution.
The only other thing I can think of is that the spring/coil is rubbing onto the top hat and the seating on the shock. When you spray WD-40 onto that area, it's not going to penetrate to the surface between the springs and tophat/seating.
Do you think it could be the sway bar bushing (as opposed to the control arm)?
That's why I said check bushing for bushing one at a time. It can be any one of them. I doubt it's the spring or shock, but you have to trouble shoot and find the problem. I am just trying to give you a start point, but I could be wrong.
i think its the coil spring making that noise. What you can do is take the coil spring out and insulate it with some clear vinyl tubing. I have done it to one before and the noise went away.
LOL nice vid. Anyways I don't think the shock is bad. The car rebounds back normally after you stopped "mmm-hmm'ing". If the shock was shot the car would continue to bob up and down one or two more times. Kinda like a busted matress