Maybe it's a leather cover for one of those CANNED HAMS .

Remember those ? Stick the key in the slot on the band and wind 'er up . Mmmmmm

2005 Model . Two Fast Eddy stickers , a bell and a clock . She's Lola . She tinkles and keeps time . http://s649.photobucket.com/albums/uu211/britbike05/