Fairy Bell

It is a light pet, which is a permanent buff rather than a consumable. Ring it once and a glowing fairy trails you until you dismiss it by right clicking the buff icon. Nothing keeps it fed and nothing runs out, and it frees the hand that would otherwise be holding a torch, which matters most when you are exploring with a weapon out.

You only get one light pet active at a time, so this competes with the others rather than stacking with them.

It is a clear step up from the Shadow Orb and Crimson Heart you carried through pre-hardmode, brighter and quicker to keep up. It is also the thing you drop the moment you get a Wisp in a Bottle, which is brighter again. Its window is the stretch of hardmode between those two, and that is a wide window.

The fairy matches you at a walk and loses ground the moment you fall, fly, or put on movement accessories, then teleports to catch up once the gap gets wide enough. In practice your light arrives a beat behind you, which is the wrong beat in an unlit cave.

Each summon rolls pink, green, or blue at random, and the color affects nothing at all. Dismissing the buff by right click is inconsistent: sometimes it clears the pet, sometimes it resummons on the spot with a fresh color.

Dyes work, but not the way the names suggest. Pixie Dye will not make it look like a Pixie. Orange Dye does. A Blood Moon pushes it toward that same yellow on its own with no dye at all.

The fairy is a nod to the Legend of Zelda series, where fairies are winged balls of colored light. The three colors it rolls line up with the three goddesses of that series, which is unlikely to be an accident.