Found in http://www.wou.edu/las/cs/csclasses/cs125/tutorials/GMLTutorialv6.pdf
spin+=10
x=obj_Player.x+lengthdir_x(obj_Player.sprite_width*1,spin)
y=obj_Player.y+lengthdir_y(obj_Player.sprite_height*1,spin)
This is a nifty little code that automatically makes the object go in circles around whatever object you put in the place of "obj_Player". It uses the objects sprite to find out how large of a circle it needs to make to go around it. Also, it will automatically jump into place so it doesn't matter where you create the rotating object in the room. It will jump into place and start rotating at the speed of the variable "spin" in this case. Just make sure this goes in your step event to keep it circling.