Feather Token says
"Whip: A token that forms into a huge leather whip and wields itself against any opponent desired just like a dancing weapon. The weapon has a +10 base attack bonus, does 1d6+1 points of nonlethal damage, has a +1 enhancement bonus on attack and damage rolls, and a makes a free grapple attack (with a +15 bonus on its combat maneuver checks) if it hits. The whip lasts no longer than 1 hour."
So we need the dancing weapon rules.
Dancing Weapon says
"Dancing: As a standard action, a dancing weapon can be loosed to attack on its own. It fights for 4 rounds using the base attack bonus of the one who loosed it and then drops. While dancing, it cannot make attacks of opportunity, and the person who activated it is not considered armed with the weapon. The weapon is considered wielded or attended by the creature for all maneuvers and effects that target items. While dancing, the weapon shares the same space as the activating character and can attack adjacent foes (weapons with reach can attack opponents up to 10 feet away). The dancing weapon accompanies the person who activated it everywhere, whether she moves by physical or magical means. If the wielder who loosed it has an unoccupied hand, she can grasp it while it is attacking on its own as a free action; when so retrieved, the weapon can't dance (attack on its own) again for 4 rounds.
Strong transmutation; CL 15th; Craft Magic Arms and Armor, animate objects; Price +4 bonus."
So:
Round 1: It's going to be an action to activate the feather token to turn into a whip. You may have done this ahead of time, but unless you KNOW you're about to get into combat you might not have because of the 1 hour limit.
Round 2: Per the dancing weapon rules, loose the whip to attack on its own. You won't be able to do any other attacking this turn because your standard action has been used to do this. This is the first round of the four rounds duration for dancing.
Round 3: The whip is operating by itself. This is the second round of the four rounds duration for dancing. You could draw some other weapon and attack with it as your actions, because you need not spend any action to direct the whip.
Round 4: The whip is operating by itself. This is the third round of the four rounds duration for dancing. You could draw or use some other weapon and attack with it as your actions, because you need not spend any action to direct the whip.
Round 5: The whip is operating by itself. This is the fourth round of the four rounds duration for dancing. You could draw some other weapon and attack with it as your actions, because you need not spend any action to direct the whip. However, you want to end the round with a free hand so that you may grasp the whip as a free action. If you do not, it will cease dancing and fall to the ground at the end of the round.
Round 6,7,8: Either put the whip away (where do you store a HUGE whip ?) or just hold it while you attack with your other hand (unless you're actually big enough to attack with a huge whip).
Round 9: Re-loose the whip as in round 2.
One possible point of table variation: Despite the description, the whip isn't huge as in size category huge, but rather quite large for a whip of its size category and as such can be wielded like a normal whip in the rounds it's not dancing. Others say the whip is actually a huge (size category) whip and as such can't be wielded by anyone who isn't big enough. Ask your DM.