The past tense of light is lighted or lit. Thus, it is correct to say "Bill lighted a cigar" and "Bill lit a cigar." Take your choice; one is as standard as the other. True, you are more likely to refer to a "lighted cigarette" than a "lit cigarette," but you are also more likely to say "Bill lit the match" than "Bill lighted the match." Since light may also mean "to descend" or "to land," either lighted or lit may be used to refer to all things that come down, whether planes, snow, or birds: "The bird lighted (or lit) on the roof."
Dictionary of problem words and expressions. Harry Shaw. 1975.