The Collaborative International Dictionary of English v.0.48:

chin-wag \chin-wag\, chin-wagging \chin-wagging\n.
   a light informal conversation for social occasions.

   Syn: chitchat, small talk, gab, gabfest, gossip,
        tittle-tattle, chin-wag, causerie.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

chin-wag
    n 1: light informal conversation for social occasions [syn:
         chitchat, chit-chat, chit chat, small talk, gab,
         gabfest, gossip, tittle-tattle, chin wag, chin-
         wag, chin wagging, chin-wagging, causerie]