it could very well be levitate, but were still overlooking a detail. ITS NOT FLOATING. of course, it may just be a glitch upon a glitch, you never know
might want to see if anyone else can see it
That's actually why I called it a visual glitch. :p Either the visual didn't dissolve after the levitate wore off or possibly something happened either zoning in or out of either an instance or a CRZ or when the pet actually got hit. Since you technically 'zone in' to several zones, it might have caused it. Anything could have happened really, but this pet neither in the wild or tamed has any special visual abilities. On WoWhead it's listed with only one move in the wild and that is Rake.
I actually didn't overlook the fact that it's not floating and went over the possibility of what it might be in my last post. Since it's quite clear that it's the Levitate + Glyph of the Heavens visual effect, I would say that it's simply client side and will most likely clear up after a cache clearing/server restart. I FOUND OUT THE CAUSE! Woo!
Meet Frosting. Upon further derping around with the spell, I found that after you log, your toon stands around for a bit before the server actually DCs it. In that small window, I cast Levitate on Frosting before the toon and pet disappeared. I logged back in later to find that Frosting, indeed had the visual glitch now as well. :3
I had a friend log in to check to see if he saw it as well, looks like he can. So, I believe this might actually be server side, but don't get your hopes up as it might get cleared on the restarts happening this morning.EFFECT IS CLEARED ON PET DEATH!
Where ever the hunt may lead.