Not the gyroscope on the front. But the red and white siren light on the handlebars. The hardware attached to it seems hard to fabricate. The red and white shell itself could be vacuformed. But it have no clue what that might be.
It's possible that it could be a vintage bicycle tail light instead of a siren. Here are a few examples of what I'm talking about:
As you can see, some of them came equipped with similar hardware that would attach it and extend it out from the frame of the bicycle. Of course, I'm only speculating that this is what it could be. Seems like a good option to explore since the object is currently unidentified.