It is a light pink bubble wand that was initially owned by the Dirty Bubble.
Role in episode
It is locked in the Locker of Memories in the Mermalair. It is known to create the Dirty Bubble; although, it is unknown why Mermaid Man and/or Barnacle Boy would want to do so. Thus, it is likely that they own it in order to prevent any other villains from creating the Dirty Bubble.