The bone and key ingredient are to the far left in the underground ruins. The bone's location is under the large hole with jagged teeth down the sides. The key ingredient is in the final chamber to the left of that.
A coconut bone and secret ingredient
There is no honey on Shark Tooth Island. The three ingredients you need are coconut milk, a creature bone, and the green Key Ingredient. (see related question)
The green "key ingredient" on Shark Tooth Island is part of the potion to put the giant shark (Booga) to sleep. It is down in the underground ruins, along with another ingredient, the creature bone. Open the underground door and go left to find the bone and then the key ingredient. (You already have the third ingredient, which is coconut milk.) (see related question)
Carbonated coconut milk, creature bone, and the key ingredient
A bone, Carbonated Milk and something called the key ingredient.
You have the medicine man mix a sleeping potion, using coconut milk, a creature bone, and a key ingredient. The bone and green ingredient are down in the underground ruins. Once you have it mixed, you fire it from the shark feeding Coconut Cannon at Booga bay. (see related questions)
you have to figure out the passcode for the tunnel and getg the pot and the dinosaur bone by the way the coconut milk is an ingrediant
In the Temple
You need the three ingredients : the coconut milk, the creature bone, and the key ingredient. He will mix them into a sleeping potion for the shark (wear a grass skirt for him). The bone and key ingredient are underground in the ruins. (see related question)
it is under the big tooth
Climb back up past the worm statue, go left to find the chamber with the final (key) ingredient,
The key ingredient is a green substance hidden in the underground ruins. It is used in making a sleeping potion, which you will feed to the giant shark. --- The other two ingredients are Coconut milk and a Creature Bone. You get free carbonated coconut milk from the stand when you arrive on Shark Tooth Island. The creature bone is in the same underground passages as the Key Ingredient. You will need to decipher the ancient writing to open the door under the ruins. Once you have the ingredients, the medicine man will mix them for you.