Since it is a Halloween themed item, why not save it for use on Halloween. It may do something only then. I heard that there are also Halloween themed Sparrows based on this: http://www.reddit.com/r/DestinyTheGame/comments/2klc36/destiny_halloween_update_2_new_items_4_new/.
Perhaps these sparrows are unlocked on Halloween while wearing the Jackolyte?
English
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Defeating Atheon on hard while wearing the jackolyite will unlock a special sparrow, the captain Jack Sparrow
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thats too precise for bungie, it needs to be morie randomized! like... uhh.... maybe wearing the pumpkin head on january 11th will give you a sparkly sparrow for 16 min and 35 seconds