The former Fist of Fun and This Morning with Richard Not Judy partners spoke together on stage at the Leicester Square Theatre for the eighth podcast in Herring's current series.
"Lee and Herring are back together, but they're old and chilled and less likely to talk about moons and sticks and all the other catchphrases that they used to do that they are now too addled to remember," said The British Comedy Guide.
"There's some serious chats about comedy, but also some stupid stuff about being w**ked off by the hand of a 100-year-old ventriloquist dummy, egg-obsessed crows and whether a satirist can accept an honour from the Queen."
The show was filmed and will be included as an extra on the DVDs for the second series of Fist of Fun, which will be released in the autumn via Go Faster Stripe.
"Lovely to work with Stewart Lee again tonight," Herring said on Twitter after the show.
"We'll be back in about 2050 with more. No resolution to kitchen cupboard mystery."
He added on his Warming Up blog: "We spent a lot of time together in the 1990s - too much time to be fair - and it's much more pleasant to see him every now and again.
"Whilst people expect me to envy Stewart (and being a human being occasionally I can feel a pang of disappointment or competitiveness), he absolutely deserves his position and has got to where he is without making compromises and in fact gives hope to all comedians and writers who want to do something a bit different that there is a chance it can work out.
"It's mainly false hope, due to the random nature of the way these things are decided, but it's good to know that there is some hope, even if it's fool's hope."