This waerable refers to the Spinning Pinwheel - a variation of the cursor used in Apple’s OS X to indicate that an application is busy.
The OS X Human Interface Guidelines refers to it as the Spinning Wait Cursor, but it is also known by other names, including the Spinning Beach Ball, the Spinning Wheel of Death, and the Spinning Pizza Of Death (SPOD).
To bring this processing indicator to real life the icon was printed on an acrylic plate and inserted to an unitas 64/97 clock case and a chinese ETA 6497 clockwork replica.