I'm totally addicted to Burt's Bees natural lip balm, specifically the "replenishing" lip balm with pomegranate oil. (I used to really like the honey kind, but then they changed the recipe and now it tastes and smells like baby powder. Blech.)
Here are the ingredients as they're listed on the tube: sunflower seed oil, beeswax, coconut oil, castor oil, lanolin, comfrey root, pomegranate oil, sweet almond oil, anise oil, cassia oil, cinnamon leaf oil, clary sage oil, mandarin oil, tocopheryl acetate & tocopherol (vitamin E), rosemary leaf extract, carmine, fragrance.
I've been trying to figure out how to make my own, since I'm so utterly addicted that I can't go much more than a day without a Burt's fix. It would be pretty difficult to forage all those oils (actually, I'm pretty sure most of them don't even come from the same bioregion), but I bet you could use oil from animal fat and beeswax and add a few select plant extracts (comfrey and calendula are both awesome for healing skin problems). I don't know about the taste, but the original Burt's Bees recipe has peppermint oil in it -- it tastes deliciously minty and it makes your lips all tingly! So that might work.
On edit: I swear, I don't work for Burt's Bees. lol.