It's actually called :
Oil Control Valve (OCV) also known as Oil solenoid or VVT solenoid
details
click here
how to know if VVT "died/RIP/kong"
1) you can't "get the feeling"
2) check the VVT solenoid resistance
3) ahhaaa...lucky you asked...
I got a DIY version for VVT light indicator...
Functionality :
1) It the light will turn on if VVT engaged
2) inform you that VVT is up and running
3) Will informed you to easy of the throttle as the oil price has increase...hahaha...easy of the throttle...
here is the item :
http://i229.photobucket.com/albums/ee18/4age20v/IMG_0003.jpg
Price : PM me...can't put here later kena tiau cuz doing SALES here... :D
P/S : that one is a twin light version...one for VVT the other one up to you what you want to do with it...for me i put on the light indicator for my radiator fan...heeee...but if you want a single light version also can...just inform me...tq