Create table on a Master - Master config avoiding replication
The safest approach is to stay far, far away from trying to filter replication... and tweaking sql_log_bin on and off is a recipe for replication problems, too.  In a replicated environment, the general idea is that both servers have identical data sets, and to whatever extent they don't, your setup becomes exponentially more complex.

There is an easier and safer approach.

First, create the table, with the storage engine you want, on the server where you want it to store data.

Then, on the other server (where you don't want the table to store data), verify that the definition has replicated and that the table exists, and then:

mysql&gt; SET sql_log_bin = 0;
mysql&gt; ALTER TABLE t1 ENGINE=BLACKHOLE;
mysql&gt; SET sql_log_bin = 1;


This will change the table to a Blackhole table locally, without replicating that change back to the other master server.  This is something you only need to do once, when you set up the table.  After that, us it normally.

The Blackhole Storage Engine...


  acts as a “black hole” that accepts data but throws it away and does not store it. 


The server with the blackhole table will still churn through the replicated queries involving that table, but with substantially less overhead (writes to the table will be discarded), and SELECT * FROM table will always return... nothing.

You can write to the real table on one server without taking up space or having the data in the table be selectable on the other server.  

caveat: if you are manipulating data in other tables based on what you have in this table (INSERT ... SELECT ... UPDATE ... JOIN ...etc.) then you need to be using binlog_format = ROW or abandon this idea altogether, because those queries will not work without this table's data on both masters, if your binlog_format is STATEMENT, and will not necessarily work reliably with MIXED mode either.