When you say the 'right corner' I assume this is the one on the top right corner? To the immediate right of the screen?
This is for the Directory that will look at your Outlook contacts. The text file riman mentioned to edit has the following entries:
use.outlook.state false
use.outlook.directory false
use.outlook.contacts false
After changing use.outlook.contacts to true I too got the hourglass for quite some time (I have hundreds of contacts) but it did eventually go away (give it 5mins) and I could use the Directory and dial my Outlook contacts and add new ones.
Changing the use.outlook.state to true gives you another option (icon to the right of the hangup button) to 'Use Outlook Calendar'. This is to use the Rules function to treat calls differently depending on your state (free, busy etc). Although I can't get that to work at the moment!
I found a small bug in this version - when expanding the Directory out to the right it cuts off the top bit so you can see the X to close.