Equipped creature has "{T}, Unattach Leonin Bola: Tap target creature."
Equip {1} ({1}: Attach to target creature you control. Equip only as a sorcery. This card enters the battlefield unattached and stays on the battlefield if the creature leaves.)
Leonin Bola grants an ability to the equipped creature. The ability can target a creature with protection from artifacts (unless the equipped creature is an artifact creature).
The equipped creature’s controller chooses whether or not to activate the activated ability. It doesn’t matter who controls Leonin Bola.
“Unattach Leonin Bola” means just that — Leonin Bola moves off the creature it was equipping and remains on the battlefield.