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There are several explanations, the first coming to mind is of yourse "Windrädchen, because it is a child's toy.
See link below:
pinwheel (n.) pin·wheel
1. a child's toy consisting of a wheel or leaflike curls of paper or plastic loosely attached by a pin to a stick, designed to revolve when blown by or as by the wind.
2. Also called"catherine wheel."a kind of firework supported on a pin which, when ignited, revolves rapidly and gives a dazzling display of light.
3. a wheel having pins at right angles to its rim for engaging the teeth of a gear.
4. to revolve rapidly like a pinwheel: Example: Images of the past pinwheeled through his mind.
pinwheel escapement pin·wheel escape·ment,
1. a clock escapement in which two pallets, usually of unequal length, alternately engage and release pins set on the escape wheel perpendicular to its plane of rotation.
Explanation: I got interested, what a pinwheel might be and found this website, have a look at the drawing, please. I'm sorry, I don't know the German word, it's a kind of Zahnrad, assembled with movable pins