A composition is provided for making a polyurethane that may be incorporated in various products, such as a sealant, a coating, a caulk, an electric potting compound, a membrane, a sponge, a foam, an adhesives, and a propellant binder. The composition includes one or more polyols, one or more isocyanate-group containing compounds having an isocyanate group functionality of at least two, and optionally one or more chain extenders. At least one of the polyols is a farnesene-based polyol having a number average molecular weight less than or equal to 100,000 g/mol and a viscosity at 25° C. less than 10,000 cP. The farnesene-based polyol may be a homopolymer or a copolymer of farnesene. The composition may also comprise additional polyols, such as a polyol of a homopolymer or copolymer of a polydiene. Methods of preparing a polyurethane are also provided.