In this paper, smooth curve models of meminductor and memcapacitor are designed, which are generalized from a memristor. Based on these models, a new five-dimensional chaotic oscillator that contains a meminductor and memcapacitor is proposed. By dimensionality reducing, this five-dimensional system can be transformed into a three-dimensional system. The main work of this paper is to give the comparisons between the five-dimensional system and its dimensionality reduction model. To investigate dynamics behaviors of the two systems, equilibrium points and stabilities are analyzed. And the bifurcation diagrams and Lyapunov exponent spectrums are used to explore their properties. In addition, digital signal processing technologies are used to realize this chaotic oscillator, and chaotic sequences are generated by the experimental device, which can be used in encryption applications.