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]

WordNet (r) 3.0 (2006):

bayberry tallow
    n 1: a fragrant green wax obtained from the wax myrtle and used
         in making candles [syn: bayberry wax, bayberry tallow]