Vector Alignment and Spacing

I have a vector3 I created from an object that the player can rotate around without rotating the object. I have a second gameobject that I would like its Vector.up constantly looking down the first objects rotatable created vector. So basically i want to be able to rotate my created vector around acting like an arm for the second object, while the second objects up is constantly facing the first. Thanks.

Supposing that the script is attached to the first object, drag the second object to the field satellite in the script below:

var vector: Vector3; your rotatable vector
var satellite: Transform; drag the second object here

function Update(){
  // move satellite to the vector tip:
  satellite.position = transform.position + vector;
  // orient up side of satellite to the first object:
  satellite.rotation = Quaternion.FromToRotation(Vector3.up, -vector);
}