This paper describes a lab to help students develop their understanding of rotational motion. The focus is on moment of inertia, which the students investigate by rolling cylinders down a ramp and determine in two different ways for a bicycle wheel. The most important and original part of the lab is the exploration of the gyroscopic effect, where measurements of precession and rotation frequencies are made using the variation of the detected magnetic field, enabling the calculation of the moment of inertia. The lab is received well by the students and can be done with relatively simple equipment easily accessible to them.