I, too, tried it, with no luck. I get the icon, but all I get with it is a spinning beach ball. I did find a contact link on their web page and just wrote to them. If they reply, I'll post information here.
Ya, I wanted this feature, also. I currently use M-Beat, but it won't show iPod playlists. I wrote to the developer, who seems reluctant to incorporate an iPod playlist feature. (M-Beat will control my iPod via previous track, next track, etc., but it won't give me the playlist options. I like to keep my drive clean and simply play my iPod music through my laptop rather than store song files on my main drive.)
Anyone know of a menubar program that does allow me to select iPod songs? Haven't found anything other than this non-working PodStat.