J.G.
I'm in the same boat as you. We have a 2 year old and a 4 week old. We got the baby a couple new teething toys to have. Sophie the Giraffe is a good one...and some wooden teething toys.
We told family to get her savings bonds. I know they aren't worth much now but its the thought.
Also think of a keepsake item. Something engraved or personal that he can treasure for many years to come.