A Colpitts chaotic oscillator is proposed by replacing the bipolar transistor with metal oxide semiconductor (MOS) transistor. Through a series of variable transformations, a state model of proposed circuit similar to one of traditional Colpitts oscillators with bipolar transistors is established. The system parameters are easily obtained by matching the two similar models. Indexes of the balance point show that chaos mechanisms of the two structures are not the same. After the process of parameter inversion and scaling transformation, the detailed circuit parameters are determined. Chaotic attractor and chaotic signal frequency diagrams are generated on PSpice platform. The simulations show that the proposed structure can work under low voltage and can generate chaotic signal with high frequency. Finally, using the linear error feedback method, a synchronization of two identical chaotic circuits is achieved.