I've inadvertanly inserted a looped region.. or so I see when mouse hovers over this thing. I'm not finding a way to expeditiously get rid of this. No amount of right or left clicking around it seems to provide a delete or remove item.
Either select another loop region on the time-line (drag.select above the timeline)... or if you prefer.. select the Tools-Preferences-Editing option to "collapse loop region when no time selection is present"