I created this cinemagraph following Mark Johnson's tutorial:
http://www.msjphotography.com/index.php/2013/02/photoshop-workbench-368-cinemagraphs-revisited/

I chose to make a curves adjustment and vignette to simulate a Kodachrome effect.

The bell moves in much slower motion than my original video clip. This is unintended and I don't know if there is any way to avoid this when converting the working document to a gif file.

Update: see next image for a solution to this problem.

I posted a video of this locomotive: http://www.youtube.com/watch?v=NdEeaJhUL2c&feature=youtu.be