Probably made in Taiwan in about 1982. On one side of the long, flat plastic stick is a picture of a building, on the other is a picture of space. Two little figures are supplied separately, a Superhero figure, and a rocket.
Place one of the figures at one end of the stick, and as you turn the stick upright, the little figure will slide up the surface of the stick; so either the figure will scale the building, or the rocket will take off into space. Turn the stick upside down, and again the little figure will rise from the bottom to the top.
The mechanism is very simple. The stick is filled with water, and inside there is a small polystyrene float that has a magnet in the middle. When you turn the stick upright, the polystyrene floats up inside the stick, moving the magnet with it. The little figures are magnetic, and just follow the magnet up the stick.
The toy was more impressive when it was new, since it acted silently. However now that some air has got inside, there is a distinct gurgling when you upend the stick, which does give a real clue to its operation!