A meminductor is a new type of nonlinear inductor with memory, which is generalized from the concept of a memristor and defined by current-flux. This paper presents a flux-controlled meminductor model with a smooth quadratic function and designs its corresponding equivalent circuit, which can be used as an emulator to imitate the behavior of a meminductor when actual solid-state meminductor has not yet appeared. Furthermore, a new chaotic oscillator is designed based on this meminductor model, and the dynamical behaviors of the oscillator are investigated, such as chaotic attractors, equilibrium points, Lyapunov exponent spectrum, bifurcations and dynamical map of the system, etc. Bifurcation analysis shows that the meminductor can make the oscillator produce periodic and chaotic oscillations. Moreover, an analog circuit is designed to confirm the correction of the proposed oscillator using the proposed equivalent circuit model of meminductor. It is shown that the experimental results are in good agreement with that of the numerical simulations and the theoretical analysis.