We have a stack of playdough around the house with shapes gallore but for toddlers, i feel they really benefit from a less is more approach.
A tray with one small pot of playdough, three cutter shapes and a rolling pin is plenty to keep a toddler interested.
Even with a tray so simple, it is important to show how to use playdough to a toddler. Eating playdough may be a natural reaction to children who are just given it without explaination.
Break down the process, get playdough out of pot, roll with pin,press shape into dough, put shape down then remove excess dough.