From RealWorld Graphics:
RealWorld Cursor Editor Portable creates beautiful cursors, with smooth edges and stunning animations. It allows you to share your creations with the whole world and automatically optimizes your animated cursors with repeating frames. RealWorld Cursor Editor Portable implements and actively uses the custom frame sequence feature of the Microsoft .ani format. This feature enables to optimize animations with repeating frames and enables to efficiently create very long animations with variations. Imagine a butterfly flying between different flowers - by reusing the frames, you can create a very long non-repeating animation.
RealWorld Cursor Editor Portable designed to be installed by a simple copy command, there are no registry entries or system files required to run. The result is an application that can be installed without administrator permissions.