The spool is the item that the lever moves internally to direct the flow of oil to the desired location.
If you were to pull the spool out it is a round rod that has grooves cut in it to allow oil passage. It looks like an old thread spool you may have seen on your mother's sewing machine. Thus this is how it got the name spool valve. If I find a picture I'll post it.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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