Everyone seems to be a moron here. Put it in any slot. Use that slot when it burrows while you're looking at the hole. So if it's slot 1 then you press 1 to use it while you're looking in the hole. DONT HAVE MULTIPLE HONEY IN ONE SLOT. It will take all of them and it messes up the taming for some stupid reason, probably because the game is a garbage mess. Nobody here is clear. When people say "just drop it" you'd think to press O in your inventory to drop it, but that's completely wrong and anyone who says that is just a moron. Sorry but I'm a little triggered at how many tips I had to look at before I actually just figured it out myself.
It may not make a difference...but to whom it may concern; you dont have to put the honey in your last slot...it can be in any slot. This might help those, who like me, have a broken right d-pad (xbox).
For ps4 to throw honey put it in your last spot in your hot bar and press L1 L2 and control pad right arrow and you throw it right when it goes into its hole however if it burrows down without you throwing any honey the tameing will go down
Great tame for getting around the map I would recommend taming one and using it to quickly run out of a rock drakes nest as it will help a tone in doing so due to the roll rats fast speed to turn into a rolling machine in turn too get this, 'roll' away it's a good all-around mount just be careful near ledges and you should be good to go!(Ps looks saggy bag of potatoes he/she is not hard to spot) he/she is also very territorial over his gems so steal them if you have 130% movement speed.