Cycles through list of arguments.
Variable
fruits = ['Apples', 'Bananas', 'Pears', 'Grapes', 'Oranges']
Template
<ol>
{% for fruit in fruits %}
<li class="{% cycle 'odd' 'even' %}">{{ fruit }}</li>
{% endfor %}
</ol>
Result
<ol> <li class="odd">Apples</li> <li class="even">Bananas</li> <li class="odd">Pears</li> <li class="even">Grapes</li> <li class="odd">Oranges</li> </ol>

Commentary
The official documentation has some good examples of more advanced usage.