Take the three ingredients (coconut milk, bone, and the green jar) and climb up to the medicine man's hut : push the big rock over to the right so you can reach the vines. Note that you will need to wear a grass skirt (from the vendor on Booga Bay) so that you can pass for an islander.
A coconut bone and secret ingredient
Shark Tooth Island
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 ancient ruins of shark tooth island
I'm assuming you mean the key ingredient to make the medicine on Shark Tooth Island. The key ingredient isn't anything specific; it's a sack. You find it in a cave.
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)
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 medicine man makes you a potion in a coconut. Shoot it at the shark and it will fall asleep. Swim to the island on the right.
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)
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)
The sleeping potion for the shark requires three ingredients (coconut milk, bone, key ingredient). Find them and take them to the medicine man (in the "tree" next to the ruins), who will mix them into a coconut for you to feed to the shark. (see related question)
You use it to make the medicine for The great Booga