This is one of 2 of Lynugas common drops from handing in rubies to her ( at 131pp each with max CHA and faction ) to get a much better item Ivandyr's Hoop. Walking sleep isnt that great a slow but it is ok for clerics who are LOM since it's a triggered cast item. Too bad its only 5 charges, but it may make the difference for a lowbie cleric who needs to save the day. No idea what level is required to trigger it, anyone can do the quest but the earring ( Ac6 +6 INT/WIS +6 hps 6 charges of a 150 hp Lifetap ) can only be used by evil worshipping class/race combos ( no druids ). By the time you can afford to hand in rubies to her to get that you will be high enuff level you will want a shaman or enchanter to slow your mobs more than likely...
58 Ogre Luminary on Luclin server--Chaotic Winds--Baron Aggrok