Originally Posted by msaps

This isn't the most intuitive bit of iOS system UI - but you can get access to Lock Screen widget settings by doing the following:
- Hold down on Lock Screen to enter the 'Collections' screen.
- Select to Customise your Lock Screen.
- Select the widget to bring up the 'Add Widgets' sheet.
- Select the widget again and the Widget settings sheet should come up allowing you to change the lounge.