I want to build a spinner for menu selection like the one in where to? IPhone app as shown in image below. Any hints?

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Doesn’t need to be very hard. The easiest is probably a UIImageView with the image of the actual spinner, and another UIImageView with the yellow selection highlight (a transparent PNG) overlaying. The rotation can then be controlled with the transform property of the first UIImageView.
This should of course be nicely encapsulated in a custom UIView subclass.