*UPDATE* 01.01.2013: Here is a fully functional update and was tested on an OS X 10.8.2 (ML).
New instructions and an updated script file will be located in the updated download file -- if you are having trouble with the geeklet, make sure you first trash the old circle_volumeindicator folder, then SECURELY empty the trash and download this updated version.
Thank you so much for everyones patience and so sorry for taking so long.**I can not guarantee this geeklet works for other versions of OS X**
go here for a 'How To Video' by yours truly,
[link].
this is an update to the circle volume indicator found here
[link].
after recieving many requests for a multicolored version as well as the PSD file, so here you go

.
if you are familiar with photoshop you should easily be able to figure out the method of my madness, but those who do not just send me a note.
for those of you that have already downloaded my original release you can simply use this zip as an add-on, simply add the folder
"Images_Multi" to the original folder you downloaded from the first release.
oh and place the PSD where ever you prefer.
those of you that are downloading this for the first time, everything you need is in zip download. if you follow the instructions precisely you will have no problems.
again, if you have trouble or need help with something, just send me a note and i will do what i can.
thanks!
if you are having trouble getting it to run correctly try downloading this alternate script [link] , graciously provided by ~Sam-Pa.
Until recently the script (white volume indicator) woked just fine, but now when I mute the system through the command F10 the indicator will keep showing the volume before muting it.
If I go down (F11 command) untile mute, instead, the indicator will show the mute icon!
Any idea?
Thanks!
email is; kt.long@me.com
Also, send me the location of where you placed the 'Circle Volume Indicator' folder (its PATH) and I'll edit the scripts for you.
Hopefully, this will fix your problem, but if not we'll find a way to make it work so no worries. Also, make sure you have the updated version and GeekTool from the AppStore.