So Tormod, the Desecrator says Whenever one or more cards leave your graveyard, create a tapped 2/2 black Zombie creature token. The Cauldron of Eternity says Whenever a creature you control dies, put it on the bottom of its owner's library. Now I'm wondering if a token dies would it disappears before it goes to the bottom of the library or after.
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-MadMage
In this case, the token will cease to exist, it's not put on the bottom of its owner's library (C.R. 101.3), and you won't create a Zombie token just because the token ceased to exist.
A token can go to the graveyard like other permanents, and ceases to exist soon afterward (before any triggered abilities can go on the stack, let alone get to resolve) (C.R. 111.6, 603.3, 117.5, 704.5d). Even so, however, a token is not a "car[d]" for the purposes of Tormod, the Desecrator (C.R. 111.6), so its first ability won't trigger when a token in a graveyard ceases to exist. See also this thread.
Using card tags (which only work with exact card names) is mandatory in the Magic Rulings forum. Please check your private messages to learn how to them. I've added them for this post and edited the thread title.
-MadMage
A token can go to the graveyard like other permanents, and ceases to exist soon afterward (before any triggered abilities can go on the stack, let alone get to resolve) (C.R. 111.6, 603.3, 117.5, 704.5d). Even so, however, a token is not a "car[d]" for the purposes of Tormod, the Desecrator (C.R. 111.6), so its first ability won't trigger when a token in a graveyard ceases to exist. See also this thread.
EDIT (Jan. 28): Add rule citation.