That's called QQ fly jump, which belongs to fitness equipment or toys. I've seen a lot of them sold in front of kindergartens. This is how it is introduced online:

QQ spin dance is very simple to play. Put the tail ring on one foot first, and then rotate it forward or backward. When the lever turns to the other foot, you should lift your foot and let it circulate. The whole movement is like skipping rope on one foot. PU laser wheel glows with the rotation, and can play various tricks to achieve the effect of fitness and entertainment.