Im assuming your Budnik wheels are polished alluminum. I use Wizards metal polish on mine. Its a cotton fiber impregnated with there polish and Ive found it to be the least abbrasive of many alluminum polishes Ive sampled. Should remove all the oxidation and water spots, buff to a high polish with turkish cotton cloths.
http://www.toolrage.com/prodview.asp?sku=WIZ-11011
Rich