This toy is purely cosmetic and is used to leash your companion pets, it is made by a Leatherworker and can be bought on the Auction House. At the time this was written and on Khaz’Goroth these were selling for around 2000 gold.
If you would like to make this yourself on your leatherworker you will need to purchase the recipe from Laura Malley in the Dalaran Underbelly for 50 Sightless eyes. The Dalaran Underbelly is a PVP zone, if you want to avoid PVP while you are down there remember to buy yourself a bodyguard from Raethan the Underbelly Guard Captian for 5 gold, Using the entrance near the mailbox by the stairs to Krasus’Landing will take you straight to Raethan. Laura Malley can be found in the Circle of Wills, just down the tube to your left.
The mats required are 50 Stonehide Leather and 1 Felhide.