Hunter's Machete
After doing some number crunching the hunter's talisman is much less effective than the new Hunter's Machete.
For example with the champ
and a rune page including +1.89 attack damage (or more depending on your runes) and +16.39% attack speed(once again or more depending on your rune page) the Hunter's Machete with no other stats level one, you will gain 63(63.276139) health and deal 264(264.201) damage thanks to nail and the life steal against monsters.
On the other hand the talisman steals 20 Healy over 5 seconds. This can be simplified to be 4 health taken from the target per second. Over 15 seconds this means you take 60 health from the target of you fight for 15 seconds.
This means unless you are a champion that doesn't auto attack the camps that much, Hunter's Machete is much more efficient because it allows you to get roughly the same amount of health , if not more , as well as doing about 200 more damage.
In the end
>
for almost all junglers.