The Collaborative International Dictionary of English v.0.48:

Bayberry \Bay"ber*ry\, n. (Bot.)
   (a) The fruit of the bay tree or Laurus nobilis.
   (b) A tree of the West Indies related to the myrtle (Pimenta
       acris).
   (c) The fruit of Myrica cerifera (wax myrtle); the shrub
       itself; -- called also candleberry tree.
       [1913 Webster]

   Bayberry tallow, a fragrant green wax obtained from the
      bayberry or wax myrtle; -- called also myrtle wax.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Candleberry tree \Can"dle*ber`ry tree\ (Bot.)
   A shrub (the Myrica cerifera, or wax-bearing myrtle),
   common in North America, the little nuts of which are covered
   with a greenish white wax, which was formerly, used for
   hardening candles; -- also called bayberry tree,
   bayberry, or candleberry.
   [1913 Webster]

WordNet (r) 3.0 (2006):

bayberry
    n 1: West Indian tree; source of bay rum [syn: bayberry, bay-
         rum tree, Jamaica bayberry, wild cinnamon, Pimenta
         acris]
    2: deciduous aromatic shrub of eastern North America with grey-
       green wax-coated berries [syn: bayberry, candleberry,
       swamp candleberry, waxberry, Myrica pensylvanica]