Gyroscope precession

What you are seeing: a heavy symmetric top with one point fixed (the pivot) in uniform gravity. The spin angular momentum $L_s = I_s \omega_s$ points along the body axis. Gravitational torque causes the axis to precess about the vertical at rate $\Omega_p = M g r / (I_s \omega_s)$ in the limit $\omega_s \gg \Omega_p$. Faster spin = slower precession.

The pseudo-3D view shows the body axis sweeping out a cone around the vertical. The right panel plots $\Omega_p$ vs $\omega_s$. For defaults $M = 1$, $g = 9.81$, $r = 0.5$, $I_s = 0.1$, the relation $\Omega_p = 49.05 / \omega_s$ holds across the slider range.