I rebooted my iPhone this morning and this icon stayed next to the battery until I re-sprung. The black & white version looks like a crosshairs, but the colourized version looks more like an X than a blue crosshair.
Oh, if what you're describing is in the info bar at the top with the time and batt info, its to let you know that the TTY is on. The thing deaf people use that does the typing translation over the phone. It should be in the accessibility to shut it off.