Aotona is a level 75 rare spawn with approximately 16k health. He is basically a giant version of the Hyacinth Macaw non-combat pat. He can be found in the middle of Sholazar Basin in several different locations in the forest above and around River's Heart. These locations are indicated in blue below. He is one of three rare spawns located in this zone, all of which are unique tamable hunter pets. The other two are King Krush (green Devilsaur) and Loque'nahak (spirit cat).
This npc is (unfortunately for hunters) part of the Northern Exposure and Frostbitten achievements. He drops Aotona's Collar which is a level 74 bind on equip plate wrist item with a random enchant. Like other Northrend rares, he also drops Abandoned Adventurer's Satchel, which generally contains about 20 gold, a full stack of frostweave cloth, and often times a few crystallized elements.
Aotona is also a tamable hunter pet, (in the Bird of Prey family). Please note that because he is also a hunter pet that even though you may not have seen Aotona in Sholazar Basin before, it doesn't mean that he isn't already cached by NPCScan. If a hunter has this tamed pet out near you, your NPCScan will cache it. If it is cached in NPCScan and this rare is up your alert will not go off. Be sure to check and clear your cache often!
Also, please have some courtesy. If you come across this mob and a hunter is in the process of taming it - leave them be. Hunters, in order to lessen the chances of someone snagging him while you are taming, hit him first so that you tag him. If a passer-by notices that the mob is grey'd out they are probably more likely to continue on their way.
In the video below I do kill him unfortunately, but it was part of my Frostbitten achievement. Note how low he flies, he basically hovers above the ground.
Edit: Finally ran across him on my hunter!