The Token module for Drupal 7 currently provides support for basic-level field tokens like [node:field_my_image_field] and [node:field_node_reference_field].

Customizing field token output

Sometimes the field tokens may not output as desired. To change how they are output, you must perform the following steps:

Enable the 'Token' custom display setting.

Go to the "Manage display" of the entity type and bundle for which token you are trying to change. For example, to change how fields on Article nodes are displayed in tokens, go to admin/structure/types/manage/article/display. Expand the Custom display settings fieldset at the bottom of the page, click the "Tokens" checkbox, and then click the Save button.

Select the formatter and options for how the field should be displayed.

Go to the "Tokens" sub-tab of the "Manage display" page.