The star is also the tail end of the little dipper, or little bear constellation. The pot section only has three stars and is missing the star 'below' the handle joint. There are then 3 stars which go out from the pot to form the handle.
According to Greek legends, Callisto was a beautiful huntress that Zeus fell in love with. Zeus´ wife, Hera, got jealous and turned Callisto into a giant bear. Callisto´s son, Arcas, went to look for her. Callisto saw him and ran towards him, but all Arcas saw was a giant bear attacking and got ready to kill it. Zeus instead turned him into a bear too, and put them both into the sky.
The Little Bear / Little Dipper is always in the sky, and is sometimes right side up and sometimes upside down. Because it is always in the sky, and rotates "in place" as the earth does, you can actually learn to tell time with it based on its location. The ancients did!
Astronomy Information Pages