If you have both the golden skull and the ointment in your inventory, and then move the skull to another inventory spot, it will remove the ointment from your inventory (and yes, I did just use the word "inventory" three times in one sentence).
And here's another surprise (or not):
Enchanting a weapon with mighty cleaving does nothing. Yep - 'fraid so. In fact, I'm officially renaming the enchantment "mighty waste of experience points" so as to avoid further confusion.
And hey, did anyone notice that all the NPCs are crap?
Just the facts as I see 'em.
Peace out.