that is a really great question...I searched around a bit and can't find anything saying whether or not it will react. I would assume that it is safe because the whole PicoBong line is silicone....but of course there's no guarantee there.
We will have to wait for reviews, hopefully someone is brave enough to put this on a silicone toy!
I personally would pass on a product with an ingredient list like this one, but that is a personal choice. I usually just use castile soap and water.