I am assumimg that when the plastic peg is pushed down the recirculater for the hot water is off. When up, it is on. The Build set the timer and no manual was left. Hot water comes onwhen it should be cold and vise versa.

Do you have the auto-circ recirculation pump with timer?
If so, here is manual for that specific product:
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http://waterheatertimer.org/Auto-circ-manual.pdf
Manual gives instructions for a different timer dial than timer than shows on unit, so they must come with different dials.

Instructions say pegs pulled out = timer on
Conversely, pegs pushed in = timer off
You might be able to hear the pump operating to see if these instructions are correct for your recirculation timer. The kids would love a listening assignment under the sink.

To see images showing how recirculation system operates:
http://waterheatertimer.org/Water-heater-recirculation-system.html

Setting times:
Try 1/2 hour ON in morning and 1/2 hour ON in evening. Warm water will stay in pipe for a while.

Recirculation system with timer costs $10-17 per year to operate, assuming timer runs 1 hour per day with electric prices at 10 cents per kilowatt hour. Operation cost is straight line ... so if timer runs 2 hours per day, cost is $20-34 per year at 10 cents per Kwh.

Water saved might equal 5 gallons per day, or 1825 gallons per year depending on usage. Average water wasted waiting for hot water is 1/2- 2/3 gallon depending on length of pipe. Set a bucket under spigot to test your home when circulation system is not ON.

Cost of water depends on local billing rate. The municipality saves purifying water, pumping water to your home, and finally pumping and processing sewage drainwater.

If you are on a water well, the pump electricity from saving 2000 gallons a year is a dollar or two per year since water well generally consumes less than 1Kwh per day for ordinary house.