It is a long and light pink novelty toy tongue. There is a tag on it that reads "Novelty Toy." The word "novelty" is imprinted in dark purple text and the word "toy" is imprinted in light orange text, with a trademark symbol next to it.
Role in episode
Sandy grabs this toy and plans on pouring Volcano Sauce on it, thinking it is SpongeBob's real tongue. After SpongeBob surrenders and Sandy drinks the hot sauce, SpongeBob reveals it is a Novelty Toy Tongue and uses it to trap Sandy and spin her. He attempts to karate-chop her before she does so to him.