Battery Widget for Android is an awesome widget for battery. As the name says it accurately displays the Battery Level on your Android device. Also it gives you access to the major battery hogs, so that you can easily change the settings. It actually gives you shortcuts to the settings of Display, and turning on and off the GPS, Bluetooth, and Wi-Fi.
Have a look at this animation, though not very good in quality but clearly describes the working of the Battery Widget.
To download and install this on your Android device, you can search for ‘Battery Widget’ in the Android Market. This won’t be displayed under your menu items, as this is just a widget.