Shark Bait is a relatively recent addition (within the last year or two). The route is the bolt line just left of Shark's Breath (both routes share the same last bolt). Climb the fins and jugs on the bottom half to the light-colored headwall. Pull the two crux moves on the smooth face to the top of the arete and the anchors will be on your left.
This is a great climb for sport climbers leading at 5.7 who are ready to take it up a notch. The two crux moves are protected well and a lead fall would be nice and clean.
Protection
If anything, this route is over protected. There are 13 bolts and a set of chain anchors at the top for belaying/rappelling. The bottom half of the climb is simple enough to skip all the bolts until you hit the headwall (which helps with the rope drag towards the top).
By DakotaToni From: Rapid City Feb 4, 2004 rating: 5.9
You may be thinking of Captain Hook - at the top of the gully. It has a 5.11 start then drops back to a 5.9. It goes up and right and then back left again up the watershoot. It's one of my favorite climbs.
Captain Hook is a great climb, but this is not the one I have described here. I've done Captain Hook--it's up the gully to the left of Shark's Fin and summits a different formation entirely. This is on the same formation as Shark's Breath (5.7) and Shark Attack (5.hard). It's newer than the Mike Lewis guide book (in which Captain Hook appears).
There is a route on the far left side of Shark's Fin, not Bait or Breath. Anyone know what it is? The first bolt is just off the ground, it is very well bolted and looks maybe 5.6 for the first 6 bolts.