The other pilot is P1, he is current so you are legal to be a passenger. You do your three take-offs and landings as sole manipulator of the controls - where's the rule saying you can't do this whilst you're a passenger?
sorry, but if you are a passenger, you are NOT allowed to manipulate the controls! And, since you cannot add that time to your log book, how are you to prove you did 3 landings?