Shake it, dip it, dab it, dry it.
I normally dip my eye n eyes once, or twice. I havent seen much of a difference in durability between them. No dilute, you want it to be thick and stick to the rope. I always allow the eye to drip off as much as possible back into the jar, if its real excessive i even dab it on the side of the jar to help get the excess off. Make sure to blow through the eye to make sure its open. Then just let it dry for 24 hours. I like to re-dip after a couple weeks, after a thourough inspection. Depending on wear.