Honey Balloon

The Honey Balloon is an accessory that combines the functions of a Shiny Red Balloon and a Honey Comb. It boosts jump height by 33% and jump speed by 30%, increasing your first jump's height to ~10½ blocks (~75% increase), while oddly reducing it when underwater, from 8 blocks-to 7 blocks, and releases a small swarm of angry bees when the player is hurt, which seek out and deal small amounts of damage to enemies. On the, it also grants the Honey buff after being damaged.

Trivia

 * Before 1.4, this was the only combination using the Honey Comb that uses an accessory that is not triggered by damage (Shiny Red Balloon), and is the only combination using the Shiny Red Balloon that uses an accessory which does not provide a double jump (Honey Comb).
 * Despite being introduced (existing in the game files), this item could not be crafted prior to version 1.2.2. It did not show up as a craftable item when presenting either of the two (assumed) materials to the Guide either.