Its a lock and around it theres a circle with an arrow at the end. Its looking like circulating the lock and the arrow is looking down like in a continous way
It is rotation lock. It can be turned off by double clicking the home button and scrolling to the left until you see the icon that looks the same as the symbol you describe. Tap it to deactivate lock.
That icon indicates that the rotation lock in ON on your iPod Touch. When rotation lock is on rotating the iPod won't change the orientation of the screen.
To turn the lock off double-click the Home button to bring up the "recently used apps" tray. Swipe this to the right to expose the rotation lock control.
I Have an iPod touch and the way I had to turn off the rotation lock was by sliding up while on lock screen and touching the symbol for rotation lock. Than you though because I was able to turn mine off because you made me think of different things like swiping right on the active apps. My iPod has nothing there but still cool! Thanks!!!