There is default skin for BusyCursor and that skin is in the pakage mx.skins and .as file BusyCursor you can find them in your sdk’s
Now coming to desing BusyCursor:
Here we need to design our own Cursor Programmatically that is write a class which extends the Sprite Class and use the Graphics class and with its methods, you can make your own Design for Cursor’r and finally include the skin in the App as a Style, with the Property busyCursor in the CursorManager Class.
Here NewBusyCursorSkin is the class which draws your skin[ contains code to draw] and include that class as below.And when including styles Programmatically we got use the ClassReference() method with the Class Name as the parameter.Above line shows it. To understand this post you need to know what is Sprite and Graphics Classes.
This image shows the Custom BusyCursor i have developed.
Enjoy the Post. Stay tuned for the code.