I realise it might insult your intelligence a little to say this, but posted for the benefit of any lurkers who might hear the word "lube"...
USE ONLY HIGH TEMPRATURE SILICONE BRAKE COMPONENTS LUBE!@!! IF it does not cost $15-20 for a tiny bottle, it is the WRONG STUFF!
It's probally your slider pins, but the caliper may be damaged too. rotors and pads *must* be changed at this time, and I would re-do the slider pins on both sides. just in case. If that does not help, new calipers (plural, the only thing more dangerous than ineffective braking is biased ineffective braking :))
Best!
Ben.
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Ben Cannon
88 Formula, T-top Metalic Red
88 Formula, Silver
87 Coupe, Metalic Red
"Every Man Dies, not every man really Lives"
-Mel Gibson, "Braveheart"