Your pet can run away before the happy face turns sad and red?
From what ive gathered sofar is that they only get pet loyalty for a while after you feed then and you actually decay when you are Red/Yellow. So when you get a new pet make sure you feed it all the time, basically like as if you had a new pupper. atleast until you've gained a loyalty level.
I dont know what Rugsic is on about with the 5 levels from its master but you can tame and have a level 1 pet on level 60 "master" and level it to max with killing mobs within "masters" range(52+).
atleast if ur gonna meme as a gm, provide accurate information.