This amazing little circuit is one that I have used in many projects for teaching alternative energy and circuit theory. It also introduces us to Inductors (Measured in Henrys (H)) which are basically coils of wire around a ferrite core which ‘induce’ a magnetic field (you may wish to research Inductors further).
The circuit works via a magnetic field which is created around the Inductor due to current passing through it. This current causes the Transistors to switch off resulting in power to the Inductor being cut off. As a result of this, the magnetic field is converted into electrical energy which is sent through the LED as a pulse.
When the pulse ends and the magnetic field stops , the transistors turn back on again which recreate the magnetic field – This happens rapidly enough to provide a seemingly constant voltage.
Build and test the circuit (Fig 1 and Fig 2) and see if you can measure the frequency spikes generated by the Joule Thief!