This is one that I've heard of for years, but only now have I come across a photo. Mr Signal is the name on the front, but it's the Traffic Light robot. A fellow collector recalls passing this one up at a toy show, only to spend the next ten years regretting it. On the Robot Talk page more information emerged:  Gernot, who sent me the photo, bless him, added the following:

The Traffic light Robot isn't really a Robot, but looks similar (or is it ?). it is in the possession of Kitahara in Japan, but not to be seen in his museums (so far). As far as I know the story, it has been especially produced for a traffic light company and never went into production. It could be that this has been only produced for advertising or a commercial. I have a book showing the toy and there is also a video which shows the action. The body is of silver metal and looks similar to the mego man. The head is a big plastic traffic light. The toy is moving on two big wheels, like Mego man. It is very unique and rare...but thats all.

And the box. Lovely!