Shiny Bauble

Shiny Baubles are white-yellowish beads added by Project Zulu and can be found in Labyrinth dungeon chests. They cannot be crafted, and their purpose is to be used in potion brewing.

Brewing

Shiny Bauble about to be used.

Shiny Potion created, lasts 0:45 seconds

Adding a Shiny Bauble to Awkward Potions on a Brewing Stand creates Shiny Potions. 

The potion creates light around the user (similar to a torch) for 45 seconds (conflicting reports). However, the main use of a Shiny Potion is as a base for more useful potions. See the Shiny Potion page for more details.