Actually, there is no real danger with using any lubricant for which the o-ring material is rated for in a high pressure air system. Only in sudden pressure increase systems such as the spring piston is there a worry of combustion. But, in the quasi-static state that most PCPs are subjected to, there is very little chance of that happening. Now, if one were to fill with oxygen, then that is a whole different situation.
That said, the "go-to" lubricants are silicone based greases. The breathable air grades (sold as diver's silicone), and the various industrial brands are essentially the same stuff. The breathable air grades just pay a bit more attention to trace contamination and cost a bit more.
With the typical Buna-N o-rings, just about any lubricant will do. Vasoline, to Valvoline motor oil, to Mobil 1 synthetic motor oil, to plain old lithium grease to . . . will lubricate the o-rings nicely. It is only important not to mix grease or lubricant types as the mixing can have adverse effects on the effectiveness of the lubricants.
Oh, and you don't need much in the way of lubricant. Use just enough to coat the o-ring with a thin film. If you use too much, then the excess can migrate into the valve and then into the barrel. But, that may or may not wind up being a problem.