The Spyglass comes in a box. After unpacking it, you will find a folder "(CTS) Spyglass v2.0" in your inventory. It contains two objects, the Spyglass HUD and the Beam.
Wear the Spyglass object. This is the actual Spyglass and will attach to your heads up display (HUD). You will find
the HUD shown in the image on your screen.
Learn more about what the buttons do.
For normal use you don't need to attach the Beam object. It is a particle emitter that emits a beam to pinpoint an avatar or an object in radar or bug scan mode. You will need it only when you want to use the button.