The thing on the top left is part of a kids ring. At least most of them I have seen were on a ring band. Yours seems a little simpler, not as many lights as I normally see on these.
It has several LED lights and when you screw it together and engage the batteries, the lights blink brightly in different patterns. It's pretty cool, especially in the dark. It's really bright.
This has been outlawed in some schools as it can make an eppileptic person go into seisure... seriously.
I have found maybe ten of these but only one that actually worked. The others were dead, batteries fried or only found the top half.
Smiles!
BDoo