chin wag vs confabulation

chin wag and confabulation both are nouns.

Word	Noun	Adjective	Verb	Adverb
chin wag	Yes	No	No	No
confabulation	Yes	No	No	No

As nouns, confabulation is a hypernym of chin wag; that is, confabulation is a word with a broader meaning than chin wag:

Other hypernyms of chin wag include chat, confab, schmoose, schmooze.

chin wag (noun)	confabulation (noun)
light informal conversation for social occasions	(psychiatry) a plausible but imagined memory that fills in gaps in what is remembered
	an informal conversation