Key identification system and form fitting label and method of manufacture

A labeling system comprising:

• a key label including a first substantially cylindrical sleeve of a colored heat shrink material having a first predetermined diameter, a first predetermined length, and a first circumference, an inner surface and an outer surface, such that the inner surface of the key label is adapted to fit around a head end of a key and be shrunk to substantially encase the head end of the key forming a flat surface that can be written upon, the first substantially cylindrical sleeve having a through opening to fit around the head end of the key and be shrunk to substantially encase the head end of the key, the length of the material being less than one half of the first circumference of the material, the first length being between about ⅛ inch and 1 inch;
• and
• a lock label including a second substantially cylindrical sleeve of a colored heat shrink material having a second predetermined diameter, a second predetermined length, an inner surface and an outer surface and a through opening such that the inner surface of the lock label is adapted to fit around a portion of a lock and be shrunk to substantially encase the portion of the lock forming a flat surface that can be written upon;
• The key label and the lock label being color coded to indicate that the key and the lock are associated with each other.