It is possible to transfer the lists from one device to another. Please note that this will overwrite any list on the second device. After the transfer the 2 devices will contain identical lists.
If your lists use Contacts (as opposed to manually typed in data), then both devices will have to share the same contacts.
To do this transfer, use is made of the dropbox backup/restore. The idea is to do a backup from one device, and then a restore to the second device.
Please note that you must be running v5 or later of AddressLabels to be able to restore from a backup created by a Mac. Similarly, backups created by an iPhone or iPad, running v5 of AddressLabels, will not be seen by iPhones and iPads running an older version. If you have v5 or later, you can restore from backups created by older versions, but not vide-versa.
For instructions, have a look at Backup and Restores