The Cyclops is one of the two ghost ships specific to the Second Sea. The shipwreck is a gold colored caravel with deep blue rims, covered in moss and broken up due to decay and attacks. The ghost ship appears as a transparent, neon gold colored caravel.
This golden caravel can spawn anywhere around the second sea. Upon approaching it, it will play the ghost ship theme and sail to where it sunk. The site can be found directly straight from the front of Captain Sage's ship at Altavista, between Theos' Arena and Oblitesco. On the wreckage, one will find abundant treasure chests, and sometimes, the Blue Zircon Amulet. However, to prevent players farming the chests/amulet, they only spawn if the ship is currently in the Second Sea.
The Blue Zircon Amulet can only be obtained from shipwreck of this ghost ship. It cannot be found inside a chest, and appears upside down in the near the decayed caravel, on the right side of the bow.