I like to use a lot of traps for rabbits, but also for frogs and spiders occasionally.
Often I'll setup a lot in areas near my base camp with rabbit holes, because the traps provide a steady stream of crock-pot ready meat. Eventually, however, I find myself managing a large number of traps, that I sometimes don't need immediately.
This leads me to wonder how long I can leave something in a trap and what happens to the trapped creature when that time runs out?
Best Answer
Vanilla
Rabbits do not die in traps or player inventory.
Reign of Giants
Rabbits take two days to die in a trap or in your inventory. You can feed most animals food to prolong their lives. Most animals, once dead, will become a meat which will decay into rot if it is not eaten.
You're looking at a great way of stretching out your meat's life-span!
Other Notes
Sometimes, an animal such as a mole, which cannot be trapped by a Trap, will trigger the trap and you will come back to an empty, not-working Trap. I mention this because it would look the same as if you let a Rabbit completely rot.