From Rebirth of the Night Wiki

Baubles offer a variety of active and passive abilities to the player; to equip baubles, click on the small ring on the player's portrait in the inventory.

Bauble Tier Slot Effect Rare Items for Crafting
Wolf/Bear Cape N/A Body +3 Armor N/A
Balloon Mundane Any Increases jump height and reduces some fall damage. N/A
Cobalt Shield Mystical Any (Shield) Immunity to knockback. N/A
Obsidian Skull Arcane Any Immunity to burning and 50% resistance to fire damage (Does not protect against lava). Troll skull: rare drop (2.5% chance) from trolls (Found in caves under Forest, Taiga and Mountain biomes).
Flameward Shield N/A Any (Shield) Partial fire resistance and immunity to knockback. Obsidian Skull and Cobalt Shield.
Sunglasses Mystical Head Immunity to blindness. N/A
Forbidden Fruit Ascended Any Immunity to hunger (the status effect) and nausea. Moonworm Queen: Found very rarely in Hollow Hills in the Twilight Forest.

Hydra Chops: Dropped by the Hydra in the Twilight Forest.

Vitamins Ascended Any Immunity to weakness and mining fatigue. Giant Pickaxe and Sword: Dropped by Giants in the Twilight Forest.
Ring of Overclocking Mystical Ring Immunity to slowness and +7% move speed. Frost Fang: Dropped by Coolmar Spiders in the Aether after entering the Beneath.
Skulker’s Heart Mystical Any Immunity to levitation. N/A
Ring of Free Action Ascended Ring Immunity to slowness and levitation, allows free movement through cobwebs. Shulker’s Heart and Ring of Overclocking.
Bezoar Mystical Any Immunity to poison. Poison Sac: Dropped by Jungle Spiders.

Skydrake Fang: Dropped by Skydrakes (found in mountains). Poison Stinger: Dropped by Vespas.

Black Dragon Scale Mystical Any Immunity to withering. Cracked Black Dragon Scales: Crafted using Dragon Scales, dropped by the Ender Dragon.
Mixed Color Dragon Scale N/A Any Immunity to withering and poison. Bezoar and Black Dragon Scale.
Ankh Charm Ascended Any Immunity to poison, withering, hunger, nausea, blindness, slowness and levitation. Forbidden Fruit, Mixed Color Dragon Scale, Vitamins, Ring of Free Action, Sunglasses.

Meteor Shards: Sometimes dropped by Elder Guardians in the Ocean Monument or very rarely dropped from the sky instead of a Fallen Star.

Ankh Shield Godly Any (Shield) Immunity to poison, withering, hunger, nausea, blindness, slowness, levitation, knockback and grants partial fire resistance. Ankh Charm, Flamewards Shield.
Lucky Horseshoe Mystical Any Negates fall damage. N/A
Gluttony Pendant Arcane Amulet Eat faster, grants +damage and armor after eating. Scythe Claw: Dropped by Ithaquas (which spawn in taiga biomes after mining the first mythril).
Pride Pendant Arcane Amulet +damage and armor when at full health. N/A
Wrath Pendant Arcane Amulet +2 damage, +damage and armor after dealing a critical hit. Royal Helmet: Sold by villagers or found in graveyards.

Sol Visage: Dropped by Barakoa Chiefs.

Broken Heart Mystical Any Lethal damage destroys empty heart containers instead. Sleep to regenerate lost heart containers. Carminite: Dropped by the Ur-Ghast in the Twilight Forest.
Cross Necklace Arcane Amulet Increases length of invincibility after being damaged. N/A
Climbing Gloves N/A Any Allows climbing walls. N/A
Radiant Necklace N/A Amulet +25% damage to the undead. Scythe Claw: Dropped by Ithaquas (which spawn in taiga biomes after mining the first mythril).
Dreamcatcher N/A Any Chance to spawn monsters after sleeping. May spawn rare mobs. Mossy Stick: Dropped by the Sludge Lord, rare miniboss in the Swamp biome.
Bolt/Arrow Quivers N/A Body Additional inventory for arrows or bolts. N/A
Toolbelt N/A Belt Additional inventory for tools. N/A

Thanks to Discord user Kate_#6509 for creating this handy chart.