I am guessing it takes up space inside the camshaft so that if the oil drains back, it doesn't take so long to fill up when the engine is started up again. Ford calls it a "Camshaft oil flow control rod". The fascinating things you find inside when you dismantle junk before throwing it out.
Nearly everything you tear down can be an educational opportunity if you can spend a little time looking things over. Unfortunately, we often tend to treat these kinds of jobs like a NASCAR pit stop.