Fix a Riemann metric metric $g$ on the manifold. Denote by $\omega$ the $1$-form dual to $X$ defined by
$$\omega(Y)= g(X,Y), $$
for any vector field $Y$. The $1$-form
$$\alpha :=\frac{1}{|X|^2_g}\omega =\frac{1}{g(X,X)}\omega $$
will do the trick.
Mea Culpa I missed the word closed in the question. Obviously the $\alpha$ above need not be closed.
If $\alpha$ is closed and $\alpha(X)=i_X\alpha=1$ ($i_X$ denoting the contraction with $X$), then the identity
$$L_X=di_X+i_Xd $$
implies that $L_X\alpha=0$. Conversely, if $\alpha$ is a closed $1$-form such that $L_X\alpha=0$ then the above identity implies that $i_X\alpha$ is constant. Thus you need to find closed forms which are invariant under the flow generated by $X$ and such that $\alpha(X)$ is nonzero at one point of the manifold.
Over each contractible open subset $U\subset M$ a closed form $\alpha$ is exact so that
$$\alpha|_U= d f_U $$.
The condition $\alpha(X)=1$ implies that
$$ X\cdot f_U = df_U(X) =1. $$.
Thus $f_U$ increases linearly along the orbits of $X$ in $U$. For example, if $X$ has a periodic orbit contained in a simply connected set your question does not have solution.
For example, if $X$ is the generator of the usual action of $S^1$ on $S^3$, then you cannot find a closed $1$-form on $S^3$ such that $\alpha(X)=1$.