...normally the inside edge of the outer rail of a curve, to reduce rail and wheel flange wear (and noise) on sharp curves.
On curves, the axle/wheelset moves sideways towards the outer rail due to the conicity of the wheels (which allows the effective diameter of the two wheels on an axle to be different, to match the different distance each wheel travels in a curve). In sharp curves this results in the outer wheel flanges rubbing against the inside edge of the outer rail, which causes high wear on that rail - so it has to be replaced more often. Greasing is much cheaper than replacing rails and wheelsets more often, and can also reduce the tendency of the outer wheel to climb up the side of the railhead and derail in sharp curves (additional 'check rails' have to be fitted on very sharp curves to prevent that happening).