So according to the Wiki and item description the transformation for the tonic should be
Toy Ventari
Princess Doll
Toy Soldier
Plush Griffon
Toy Golem
Festive Dolyak
But it seems like when ever you use the tonic you only turn into the Festive Dolyak.
Video Reference:
https://www.youtube.com/watch?v=fzvHu8HO-KE&feature=youtu.be