I made this to read codes on my old 1996 850R (Motronic 4.3). The dial has three in-use positions, 1/2/3 o'clock, which can be used to query the ECU, the climate control, and cruise control systems via the OBD-II port. One LED illuminates when you push the button and the other blinks codes back to you.
You can make your own quite easily but this one is in a fancy box and has a nice clicky dial and just plugs straight into your OBD-II port.