UPDATE: If you're making these to give out as gifts, I recently designed a pop-up (and pop art) lip balm holder. You can get the template here. It comes in two versions, one with text and the other with a blank speech bubble in case you want to write your own, and it's very easy and quick to make if you've got a color printer and a pair of scissors.
Step 1: What you'll need
The first time I made this I used an old candle, but for this batch I bought 2 oz from the farmer's market for $1.75 -- definitely get the fresh wax if you can, the difference in flavor is stunning!
This can be found in any pharmacy. I've seen it at Rite Aid, Duane Read, etc, usually near moisturizers. This 1oz stick was $1.29
You could probably try other types of oil, but I would steer away from ones with heavy smells or flavors like olive oil -- you don't want to dissimulate the honey and chocolate flavor.
Vegetable glycerin (OPTIONAL)
You can find this in health stores, but I've also seen it in craft stores. This ingredient is what makes this chapstick more of a lip balm. Glycerin is a humectant, which means it will absorb humidity (from the air) to moisturize your lips.
This is also an oil, with the thickness of fingernail polish when it's pure. The oil helps moisturize, but the main purpose here is as a natural preservative. This can also be found in any pharmacy, but read the label carefully: the quantity named in this recipe is for PURE vitamin E, and sometimes it is sold mixed with glycerin. You can still use it if it's been cut, but you'll have to adjust the amounts: more vitamin E, less glycerin. If you don't feel like doing any math, just get the pure bottle. This bottle cost around $10 but you need so little it will last forever. You can also decide to skip it altogether if you think you'll be using the chapstick within 6 months to a year.
Dark unsweetened cocoa will give you the best flavor
Any kind is fine. This is also optional, it's mostly included for taste though, like the glycerin, it's also a humectant
The first time I made this I used plastic bottle tops and covered them with plastic wrap -- but since I made this batch as gifts, I bought empty chapstick tubes on ebay ($7.45 for 25 tubes, including shipping). Little tins would also work nicely and can be reused.