Here's a Teddy Bear Timer, which supposedly teaches your kid the concept of time, but I think it's just another toy for him or her to play with while supposedly contemplating their bad deeds during a time out.
http://www.lighterside.com/product/68065.do?WT.srch=1&code=QLP&AID=10388556&PID=1484575 - via foolishgadgets
However, that cute bear could potentially be an accomplice to some major cruelty and neglect for parents who may be tempted to use this timer to leave their preschoolers in time out for too long! "Only 47 minutes to go, Little Johnny..."
A time out timer (for preschoolers) would be appropriate only up to 10 minutes, tops. The rule is one minute per one year. (2 minute time outs for 2 year olds, 5 minute time outs for 5 year olds, etc.)
That's just what I thought, and that really depresses me.