This is another relic of the 1980's. I used to love Ultima II products; they were one of my mainstays. Then they disappeared off the face of the earth. The eyeliners were pretty darn good for the time: you could even use them without holding them over a lighter first! Imagine that!
The pencil has the liner at one end and a smudging sponge on the other. It goes on a bit stiff these days, but it was pretty smooth when it was new. The color is a slightly golden green with a bit of shimmer. Quite nice.