I use http://www.amazon.com/gp/product/B00007LVEU labels on a laser printer. The labels are full sheet so you can put as many labels per page as you like and cut them to size. I do 16 per sheet to save costs.
Cutting the labels is the most tedious part but they stick to the bottle much more reliably than milk and don't come off when they damp. I haven't tried a long soak but I don't think they would fall off too quickly.
Removal is very easy as it peels off with no residue like a slightly stronger post-it note.
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