How could I create this custom tabbar and what does it consist of?

How could I create this custom tabbar and what does it consist of?

On cocoacontrols.com you can find several TabBar implementations similar to this.
iOS 5 now allows to change the background image of the tabbar but this kind of custom control is much more complex. You would basically need to write your own view and controller that would change between views, move the arrow accordingly and activate/deactivate the buttons.
As of the elements it consists of, i would say
To see how a tabbar with an indicator could be coded check out this project on GitHub for a Twitter-like tabbar.