The pendulum cursor is not wrong, it's just not displayed in the most optimal way. In actual uses the hot spot only moves when you move the mouse. The pointer will appear to swing back and forth, like a pendulum. It is actually very creative, I think it's the only animated cursor I've ever seen to utilize the hot spot in this fashion.
Smooth Classic Cursors
Classic Windows cursors with built-in shadows and antialiased edges. This set contains all classic cursors and three alternative ones (pendulum arrow, lightbulb, and animated unavailable sign).
If you are using this set on Vista Beta 2, be sure to disable cursor shadow in control panel. The cursors already contain shadows.