What does the rest dial represent?

When you rest, you are presented with an overview of the map. In the bottom left hand corner is a coloured dial, which usually says "0 days elapsed", along with two shades of blue and yellow.

What is this dial representing or telling me? I've included a screenshot of the UI element below.

From this post the dial represents:

How long time has passed since you last rested. If it's 0 then that means you spent less than 24 hours game time in the world from your last rest.

I also believe that the two yellow colors indicate the sunrise and sunset (the bottom yellow/orange color is the sunset, the dark blue afterwards is night, the top brighter yellow is the sun rise, the light blue after it is day).