This is a wireless remote for ipods. It works with radio frequency to control an ipod in your pocket, jacket, etc. It is designed to be worn on the wrist but with a couple of "cut to fit" velcro straps, it fits perfectly between the stock risers on the handlebar. It actually looks like it came on the bike that way. You can find them on ebay for around $18. In the store it will cost you $60.
I highly recommend this for anyone who listens to music while riding.
http://www.monstercable.com/productdisplay.asp?pin=3714