(just scroll down to the Baby Vampire to read it verbatim) It basically explains that if the actual item number of a petpet hasn't changed (as in the Baby Vampire/Snorklin), the petpet IS eligible for PPL. If a petpet changed into food/other items (and I don't remember anything about THAT happening), then no PPL.
(A MORPHED petpet--morphed by a potion--would not be eligible, I believe, though I don't remember where I heard that. I just know it wouldn't be fair to other players.)
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