Nope the tip is not removeable, the tip lights up in two different colours. basically you pull the Orange "D" shaped piece and the panel comes away to reveal the neural stabiliser thing, under that is a grey button that can bee seen to the left of the green light up bits in the first two pictures, press it to turn it from blue to red settings, then press again to reverse it. To light up the neural recorder stabiliser whatnot (yes I;m a rubbish fan and dont know what its called) you press and hold the grey button until it illuminates, it stays on for about 5 seconds and then goes off.
The button to activate is near the clear tube at the tip end, in the third picture you can see my forefinger holding the button down. its a great device and feels great to hold.