Add token support to a form element

tokens.php

<?php
/**
 * An example form showing how to use tokens.
 */
function my_token_form($form_state) {
  $form = array();
  // An example element with a value that accepts tokens.
  $form['title_text'] = array(
    '#type'           => 'textfield',
    '#title'          => t('Title'),
    '#element_validate' => array('token_element_validate'),
    '#token_types' => array('node', 'term'),
    '#min_tokens' => 1,
  );
  // A token tree showing the tokens the user can use.
  $form['token_tree'] = array(
    '#theme' => 'token_tree',
    '#token_types' => array('node', 'term'),
    '#show_restricted' => TRUE,
  );
  return $form;
}

/**
 * An example of rendering text with tokens.
 */
function my_token_output($text, $node) {
  return token_replace($text, array('node' => $node));
}