I think the term I've heard used is "lip gloss." On TV, they showed a passenger just before going through security putting on her lip gloss before having to throw it out.
I, myself, hope it won't get all the way down to lip stick, which I assume would include stuff like Chap Stick. I'm kind of sensitive to dry air, and use the stuff all the time.
This whole issue is making me inclined to travel less by air. Too much of a hassle. I'm starting to wonder what's next. You're only allowed past security just wearing your underwear? Even then, that won't stop an individual who "swallowed a bomb." Of course, eating at Taco Bell just before arriving at the airport can cause a type of gastric explosion in itself. When will it end...