The 10 minutes part is crap, it took over half an hour for me to do it, even though I think it's geared more towards kids :( The main problem I had was the insulation scraping and it took me forever to debug. The issue was that I scraped off only the top, but it really needs to be 50% of it, like the picture on the site shows. I used an LED to figure out that is was rarely hitting and generating an EM field. Also the entire thing is a balancing act till it's set up. My motor kept sliding or sagging in the middle, but I eventually got it pretty sturdy using a breadboard to 'mount' it. This is more an issue with me sucking at fine motor skills than anything else.
Pics and a video:
Now I've got to think of something more complicated to make for part 2, I was thinking maybe a buzzer or something similar, but we'll see.