The stink in the liquid reamer is
Trichloroethylene it's pretty nasty stuff. If you have anything anodised or powered coated they usually dip it in this first as a wash, don't get it in your eyes it stings like bugger. Had splash back from the airbrush once, nasty.
Generally I clean mine in between colours with water and screen wash ( doesn't affect the rubber seal ), however if you've got a genuine Iwata they screw together and don't have silly rubber seals ( well my HP-B ) doesn't.
Keep it clean, when you've finished, take the nozzle out, pull the needle out and clean everything you can, reassemble, squirt through with neat screen wash. Leave until next time