Although these sound very similar they are quite different.
Chip
A Chip driveway is popular on rural properties. The existing surface is excavated and hard fill is installed and thoroughly compacted. A chip aggregate or your choice is then spread on the surface. Leaving the natural look of stones. It is very popular on rural driveways which can be very large in size.
Chip Seal
This is essentially what you will see on a typical rural road or highway. It is a similar look to a chip surface and the preparation is very much the same. The main difference is that tar is spread over the surface prior to laying of the chip aggregate.