He says if you guess where the tooth is, you keep it. If not, they get the watch.
6 seconds sound clip from The New Adventures of Winnie the Pooh - Nothing But The Tooth / Gone With The Wind (S1E11).
You can hear this line at 00:19:51.913 in the Blu-ray version of the TV Series.
Quote context
[...]
- Looks like it's time to give up.
- What's the matter, don't you speak rodent?
- They want your watch, and they'll pay handsomely.
- I shall trade it for my tooth.
- He says if you guess where the tooth is, you keep it. If not, they get the watch.
- It's a deal. I can do this. I hope.
- Remember, Pooh, last place first.
- And that's how I got my sweet tooth back.
[...]