To develop real world memristor application circuits, an equivalent circuit model which imitates memductance (mem- ory conductance) of the HP memristor is presented. The equivalent circuit can be used for breadboard experiments for various application circuit designs of memristor. Based on memductance of the realistic HP memristor and Chua's circuit a new chaotic oscillator is designed. Some basic dynamical behaviors of the oscillator, including equilibrium set, Lyapunov exponent spectrum, and bifurcations with various circuit parameters are investigated theoretically and numerically. To con- firm the correction of the proposed oscillator an analog circuit is designed using the proposed equivalent circuit model of an HP memristor, and the circuit simulations and the experimental results are given.