As long as there is battery power, the Little Cyclops maintains its own clock and uses this to generate names for the files it produces. For example, 130810-091742.JPG for a still picture file. The file name represents the date and time at which the photograph was taken in the form YYMMDD-HHMMSS.JPG where 'YY' stands for the two digit year, 'MM' for the month (or minute) number as appropriate, etc.
If you haven't managed to set your camera date and time yet than you will probably find that the file names all start with an '11' for 2011 as that's when the camera software will set the clock when it first powers on.
(If you don't manage to adjust the camera clock you can work out the real time any photograph was taken so long as you know the real time of one photograph - then use the difference between the time/date of that photograph name and the real time it was taken - add that difference on to any file name of any photograph produced with the same clock setting to get the real time that photograph was taken...)
There is some devious software to set the camera date and time actually stored on the camera. For maximum compatibility it is designed to run under early versions of Windows... As I work mostly on various version of Linux this can be a personal problem... I do have an old Windows XP laptop, and the process works on that. But it doesn't work on the new Windows 7 machine my employers supply, as that machine is so locked down it won't run software from any USB device.
So, to change the date and time on your Little Cyclops, first identify a suitable Windows machine that you can connect your camera to.

Ensure that the PC is switched on and running normally.
Ensure that your camera is switched off, so that you don't crash the camera software as you use a mini-USB to USB connection lead to wire the camera to the computer.
As you plug the camera into the computer the BLUE LED should illuminate and flash a few times on the camera. The computer should recognise the new hardware and may well "Autorun" the time and date software supplied by the camera. If it doesn't Autorun the software you may need to identify the first of two removable drives that can be seen on the camera and double click the DiskTools.exe software to get it to load. As usual with Windows, depending on your PC settings you may need to click "OK" a few times to confirm that you really want to run this software from a potentially untrustworthy source.
When the software is running, it offers you two options to click. One to create a password for the camera. The other to Adjust the camera Clock. Click on the button to Adjust Clock.
Another window pops up. It shows the time and date that the program has obtained from your computer. You can alter this time and date to any time and date you like. You also have three buttons that "move" the time and date from one place to another. One reads the time and date from the camera into the display (Get Device Time). The second reads the time and date from the computer into the display (Get PC Time). The third writes the time and date from the display into the camera (Adjust Device).
So, using these buttons, first get the correct time and date into the window display, then click on the "Adjust Device" button to save that time and date into the camera.
That's the camera clock set. You can then release the removable hardware and take some photographs to check that the time and date is set correctly. (A picture of a clock is a good test.)
As usual, you may need to RESET your camera by holding down the POWER and FRONT buttons together until the camera switches off, as I tend to find that the camera "crashes" and leaves the steady BLUE light on when you disconnect it from the computer.