The Long Memory

Ozpin's Cane was Ozpin's weapon of choice. Its capabilities are unknown, but it is stated as being able to "store time" in the Volume 3 Commentaries. Exactly what this means is not elaborated upon.

Description
Ozpin's Cane is a long cane that doubles as a walking stick. Its handle is embellished with a pattern, and there is a large knuckle guard which reaches down the bottom of the handle. The larger area at the bottom of the handle contains small gold-colored gears. The shaft of the cane has a gray-black coloration and apears to be square in shape as opposed to most canes which have a round shaft.

Ozpin seems to use the cane primarily for mobility's sake, as he's seen using it whenever he walks around Beacon. However, he has also been seen not to need it for support, and he seemingly held it like a sword when confronting Cinder in "Heroes and Monsters "

During "End of the Beginning", Ozpin was briefly seen fighting against Cinder with the cane. Primarily he used it as a bludgeoning weapon, hitting Cinder with it at incredible speeds and using it to parry her blows. He could also use it to generate a spherical protective force field by striking it into the ground. This field gave off violent arcs of energy and was able to withstand Cinder's use of the Fall Maiden's power, at least temporarily.

After Ozpin's disappearance, the cane was apparently left behind. Qrow Branwen was seen carrying it in the post credit sequence of the episode

In the post credit sequence of "No Safe Haven" Qrow gives the cane to Oscar, when the latter asked for it back. In the process, it is shown to be capable of retracting entirely into its own handle.