I've never used one, and I don't know the history. But instructions for making and using one can be found in the book "The Herbal Medicine Cabinet: Preparing Natural Remedies at Home" by Deborah St. Claire. What a fantastic book that is, btw. It teaches methods for preparing almost every type of herbal preparation and extract imaginable, including some very complicated standardized extracts, of which this is one, and obscure extracts made from unusual substrates.
To quote from the book:
"You can make your own with a Perrier bottle. Take it to a glass cutter and get the bottom removed then smooth the cut with fine sandpaper. Sterilize it in boiling
water and use a plastic cap from an Evian bottle with it."
I don't want to quote a whole page of text on how to use it, it's an eight step process involving loading the herb and solvent and packing it to varying degrees while tightening and loosening the lid to let it sit and eventually slow-drip from the bottle. It does take a little more than 24 hours, perhaps more like 48 or so, but yes, you do only need to let it stand for 24 hrs before allowing it to percolate out. This is a technique developed presumably by the Eclectics, designed to create an extract of standardized potency.