The bilabial flap is an uncommon non-rhotic flap. It is usually, and perhaps always, an allophone of the labiodental flap, though it is the preferred allophone in a minority of languages such as Banda and some of its neighbors.
There was no dedicated IPA symbol for this sound until recently. It was often transcribed with the ad hoc use of the extra-short diacritic, [w̆]. (It would more accurately be [b̆], since flaps are more similar to brief plosives.)
However, the 2005 proposal for adoption of the new IPA labiodental flap recommends using that symbol with an advanced diacritic for a bilabial flap:
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