I have no idea what this is, but it appears to have had a utilitarian function. It has been suggested that this might have been part of some sort of textile process?
It has a long arm at the base, and an interesting peg that's movable at 3 different levels. When the peg is lowered, it almost becomes an erotic whimsey, with a very phallic look to it.
Measures 13" tall, 12" wide and 4" wide (with extended penis peg!)