For a light, suggestive smack:
* Mwah
* Smooch
* Pucker
* Smack
* Kiss
For a louder, more exaggerated smack:
* Splat
* Slop
* Slurp
* Chomp
* Gulp
For a more onomatopoeic representation:
* Mm-mm
* Mmm
* Psh-psh
* Pop
Ultimately, the best way to spell a lip-smacking sound is to choose the word that best conveys the sound you want to represent. You can also use a combination of words to create a more nuanced sound.