How to use mini-gear menu when fishing?

[(PSN)supernova_girlie]

I'm on PS4. When I equip a fishing spear a mini-menu shows up on the bottom right corner. It says to hold "R1" and when I do, I can choose a new "tool", a bait and luminous dye. Above the bait is the image for the square button. When I press square it brings up the gear wheel. What do I do next? Suppose I choose Mindwinder bait on the wheel, what do I do next? 

[(PSN)OriginalEquinox]

Press and hold R1 and press and hold on square to bring up a bait wheel, let go of the buttons and use the stick to select a bait and press X to confirm, then 

Press and hold R1 and tap circle to drop dye, R1 and tap square to drop bait

[AdunSaveMe]

I believe you have to select it, instead of just letting the button go.