The prop looks like a very thin smoker's style pipe about a foot long. Near one end is a small bowl (like where the tobacco would normally go), with a screen over it. There is an elastic cord running through the stem with a bead on the end to keep it from going into the stem. The pipe is silver and the bowl is green.
I got it with a collection of magic many years ago, and have no idea what it is.

Just an idea... something like the reappearing tip of a wand/cane?
you seem to take it of, then it reappears (by popping back)?