A Fleshy Bulb is dropped by Lureplant when it is killed. It can be re-planted by the player, which makes a new Lureplant. Each time the Lureplant is killed, it will drop another Fleshy Bulb, and the cycle will continue. Despite being plant material, Fleshy Bulbs cannot be eaten and do not spoil.
It will take 2 days for a freshly planted bulb to turn into an active Lureplant, and taking its lure will reset the Lureplant to its "just planted" state. Bulbs planted too close to each other will prevent the movement of the player and mobs.