02-13-2013 06:25 AM
I believe it might be an indication that an app is using your Location Services. I know whenever I look at the weather with the Weather Network app (which makes use of my location), a small grey icon appears for a few minutes after that.
It's just a guess but it gives you a lead to follow.
02-13-2013 07:57 AM
I agree with the other Poster, it must be an app related icon. Looking at the documents, the closest thing to your description is the mobile hotspot icon. The other thing similar to it is the GPS Icon.. oval grey .