There was just a thread on "arrows", "around the campfire" and here in the past couple of weeks. This is how I do it.
5 parts hard but not brittle pine pitch (sap). Make sure it's not soft or brittle, either way
that is how your glue will turn out.
1 part binder, I use ground charcoal from around the fire, not brickett, some use saw dust, dry manure from ruman live stock or deer, ash, anything finely ground.
1 part bees wax, that's what I use, some use parafin, tallow, any thing similar. It gives the glue body and keeps it from drying out and getting brittle.
put all this in a soup or tuna can and slowly heat, outdoors is safest, but I've been doing it on the wood stove, it is very volitile...very volital. heat and mix until it's all combined. I use half chopsticks for the next part. Take off the heat, Take your stick and start roll it in the mix. It will start to adhere like candle wax. Make em as big as you like.
You should be able to push your thumb nail into the cooled glue with some pressure. There are some remedies for problems you may encounter, but I can't totally remember them right now.
The more you cook it, the more brittle it will be. If you have really brittle pitch, you can smash it up and put it in a glass jar w/ lid and pour, isopropal or denatured alcohol or turpintine just to cover it and in a few hours you will have a sweet sinew sealer for your hafting and fletching. I really like this stuff.
Good luck, dpgratz