Abstract: Provided herein are compositions comprising solutions or colloids of allotropes of carbon, in particular fullerenes, graphenes or single walled carbon nanotubes (SWNTs or polymers of fullerenes) in solvents selected from terpenes, lactones or fatty acid or terpene alcohols. The carbon allotropes remain in solution following ultrasonication and ultracentrifugation processing. Suitably the solvents are selected from monoterpene cyclic ethers, cyclic terpenes, cyclic triterpenoid species, cyclic triterpenoid steroidal species, or terpene alcohols. The compositions are made by combining the solvents with the allotrope of carbon with cavitation. Methods of using these compositions are also provided.