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You buy yourself a grey ioun stone = 25gp
You summon a lantern archon.
You command the archon to cast "continual flame" on the purchased ioun.
What do you have? Because it's not a RAW "ioun torch".
RAW says you need to be a 12th level caster with CWI to make an "official" "ioun torch" so what the hell did I just make? And how much is it worth if I choose to sell it?
http://www.d20pfsrd.com/magic-items/wondrous-items/wondrous-items/h-l/ioun- torch

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You get a continual flame spell cast on an ioun stone. Except the lower caster level it functions as an ioun torch. If that is your only continual flame item, the spell will carry over to other scenarios. It is treated no different than a continual flame spell on a weapon, a piece of armor or any other item you might possess.
A character may have one each of the following spells that carries overs from scenario to scenario: continual flame, masterwork transformation, secret chest, and secret page.
Your GM should make a note on your chronicle sheet about receiving it and the caster level/spell level.