This tool is for the Molex MX-150 style connectors and is used to release the wiring pins for removal.  
Replaces Part # 63813-1500, Retail Price $49.95
Makes removing pins from the handlebar wiring connectors a breeze when doing a handlebar swap.
This style connector is used for the following Harley models:

2007-2013 Sportster models
2007-2010 Softail models
2007-2011 Dyna models
2007-2013 Touring models