Light Gray Dye

Light gray dye is a tertiary color made by combining bone meal and gray dye in a crafting square or alternatively, two units of bone meal and an ink sac.

Uses

 * Make light gray wool by adding light gray dye to a wool block.
 * Light gray dye can be applied to a sheep, but as of the Beta 1.2 update, light gray sheep are naturally occuring.

Crafting
The second recipe is more cost-effective - it yields 4 units of dye per ink sac vs. 3 in the first.