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This paper contributes to the understanding of memristor operation and its possible application fields through: (a) derivation of a complete mathematical model for the HP memristor which takes into consideration the inter-dependence between memristance, charge and flux along with the boundary and initial conditions of operation; (b) an introduction of detailed charge- and flux-controlled SPICE memristor models realizing the proposed mathematical memristor model; (c) The incorporation of the memristor model in the SPICE realization of a third-order chaotic system where a single HP memristor acts as the nonlinear part of the system. Simulation results are provided to validate the mathematical model and the synthesis and operation of the third-order chaotic system.