I've always been a fan of the Lancome Crayon Kohls/Khols. They are smooth, creamy, stay put and they don't irritate my very sensitive eyes. You also get a lot of pencil for the price (I always buy them for cheap off eBay, ACW and such places).
They come in several gorgeous shades, including this slightly shimmery (not glittery, more of a sheen) pale pinky/silvery beige. This particular shade comes depth-wise close to my skin colour (neutral NW/NC10). Lining your waterline/inner rims with such colour opens up your eyes, making them appear larger and more awake. You can of course use a white eye pencil but white tends to look unnatural. A flesh-toned or pinky beige shade looks much more natural.
I love using this pencil for this purpose. It also works great as an inner-corner highlighter and I'm going to try it as a lip liner (cupid's bow) soon, too. Highly recommended!
This eye kohl is a shimmering silvery pinky beige color. It's very light and works well to enhance the inner eye in a natural way that opens up your eyes. I highly recommend this one and haven't found another color to match it at a cheaper price yet, but I'm still looking. :-)