mehitabel’s round cursor was developed after wind tunnel tests revealed that the conventional Macintosh arrow cursor suffers from excessive drag coefficients at high mouse velocities. The original “hot spot” was the tip of mehit’s nose, but beta testers complained that they couldn’t find it. The current hot spot is in mehit’s eye. Not that it matters, since the mehit cursor now yields to the arrow cursor whenever there's work to be done.
The flipping dogcow cursor which appears when you save mehit resources is borrowed from Apple’s Tech Notes Stack from Developer Services, which has made a cult item out of the dogcow. If you want to know more about the dogcow, find a copy of the elusive Apple Technical Note 31.