As spotted in the barn tack room. It’s hollow and rather lightweight. What type of bit is it, and what does it do?
(I’m quite sure it’s being used with trainer knowledge and approval, at least if it does in fact belong to the horse whose bridle rack it sits on, which leads me to think it’s a thoughtful attempt to address some issues with a tricky mare. This isn’t an anti-gadget snark by any means.)
beljoeor.com 
I know it's called a whistle bit, though I'm not totally sure about why it's used. This Equus article suggests a couple possibilities: http://equusmagazine.com/article/whistle
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Didn't SprinklerBandit have one of these…? I think they're supposed to encourage the horse to suck on them? I think they'd be really fun if you were able to stick mints in the holes. 😉
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http://iamthesprinklerbandit.blogspot.com/2015/07/tack-touchpoint-infamous-whistle-bit.html
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Whistle bit!
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If you google “whistle bit” this comes up at the top of the search results. Well done haha
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