Hi Pinkbeauty! Nars Concealer works well for lips. It will give you the coverage you need without drying out your lips. First prime your lips with a lip moisturizer. After it absorbs, dot the concealer on the center of your lips and blend out.
Answered[ Edited ]
I don't know if this is the kind of concealer you're talking about, but if you're looking for something to cancel out the color, for me, I like to actually use a tinted moisturizer! It works better than any concealer for me. Concealers always really dry out my lips, and moisturized and healthy lips is a must for me. The tinted moisturizer cancels out the color (mostly) and it doesn't dry them out!
I hope this helps!
P.S. I use Covergirl Aqua CG Smoothers tinted moisturizer, btw.
I'm not sure if this is along the lines of what you're looking for, but Benefit makes a great lip primer called Lip Plump. It's nude colored, like a concealer, but made for your lips: http://www.sephora.com/browse/product.jhtml?id=P12
It provides a great base for other lip colors and is good at evening texture and color.
Worth noting: if you are wary of "plumping" products, rest assured that this does not contain any plumping agents (ie irritants, etc.) - it doesn't sting, burn, or actually "plump" at all -- it just means that it will make your lips appear more full.
Laura Geller used to have a fantastic lip concealer but unfortunately Sephora discontinued them. Out of Sephora stores, I would recommend MAC's ``Lip Erase``-- It's a fantastic product. Totally true to the product description.