You would be fine with a 1/10 HP, or the Mini Arctica is a 1/15 HP and rated for aquariums up to 40 gallons.
Mini-Arctica Chiller
Well now you that you got me looking around I found a Current 1/15 HP chiller.
Current Nano Chiller
They claim that chiller will cool a 50 gallon aquarium. Oh this statement got me laughing, "Mini In-line Chillers are ideal for smaller aquariums with high cooling demand such as nano reef aquariums up to 70 gallons." 70 gallons is nano? Wow now I have a better excuse to use on my wife of why I need a bigger tank. "Honey both my tanks are nanos. I really need a full sized reef tank."
The Current chillers are a bit more money, but you can plug a heater in and have the heater controled by the chiller. I like that option.