Greetings and salutations!

In Cataclysm, there is a mount obtained somewhat similar to the Reins of the Time-Lost Proto-Drake - Item - World of Warcraft, being that it is acquired from a Rarespawn.

The mount is Reins of the Phosphorescent Stone Drake - Item - World of Warcraft and it drops off Aeonaxx - NPC - World of Warcraft and as you can see there isn't much record of it so that should work in our favor for the short term.

Where it is different to the Time-Lost Proto Drake - NPC - World of Warcraft is that the Dragon is friendly and you must mount it to start an encounter. After sitting on it for a bit you get a warning to kill it before his whelps overwhelm you. It is lvl 85 and the Friendly version has 774k hp (I don't know if the health pool changes when it becomes hostile, I assume it doesn't). The basic idea is that you kill the Drake before the whelps kill you, pretty simple. After you kill him, you gain a parachute and you fall to the ground with the corpse. When you loot him you will find the item.

I havent been able to find concrete evidence of the whelp's health, but I can tell by a grainy screenshot that they are not elite. judging by Summon Young Stone Drake - Spell - World of Warcraft and Aeonaxx Whelp Summon - Spell - World of Warcraft it seems to be every 30 seconds and the mob is called:

Young Stone Drake ID: 44038 (no record on wowhead yet)

Right now not many players are 85 yet and are more interested in questing/leveling professions etc. than getting a rare mount. Or they simply have no idea it exists. And if the Time-Lost Proto Drake - NPC - World of Warcraft is anything to go by, there will be pretty big competition for the drop when everyone catches on.

If this helped press Thanks!