This is what it looks like:
It turns out that it has three very bright LEDs in red, green and blue and it works in different modes; one of them is a colour change mode. But it does this by using a PWM scheme. So when you swing it around fast enough, you see circles in different colours.And when I got my new camera with a night shot mode that allows to do an 8 second exposure time, I had to try photographing this. The pictures turned out quite well.