TimColson put together a simple "circular velocity" diagram logo, posted multiple sizes, as ideas for replacement of the primary Velocity "dark drop-shadow-oh-that's-soooo-2001 text only" logo. The smaller would possibly replace the "powered by" logo.
If the community wants to use this logo, just like my Velocity Tools "wrench", it's free and I make no copyright claim on it. I also do not guarantee it is original (Well, it might be, I mean I just drew it up myself yesterday with inspiration from this online physics lecture -- http://www.physicsclassroom.com/Class/circles/U6L1a.html ... but I cannot/will not claim that nobody else on the planet has this exact logo and might threaten legal action. Caveat Emptor)
VOTE HERE: http://www.pollmonkey.com/p.asp?U=5712018006
Note: John Mahan(?) submitted a "modification" in JPG of Tim's original PNG entries. Looks like he combined the small logo with the normal text, but re-compression seems to have made it a bit more blurry. No guarantees how it would look shrunk to the "small" logo size -- even if exported from the original artwork which should clean it up a little bit. All of the attachements were deleted when Atlassian upgraded their site -- and Tim does not have the example to repost here.
Existing Velocity Tools Logo
Tim is not suggesting changes to the Tools Logo -- showing it only for reference. Note the smaller size.