I always thought this was a short snippet of Beck (or someone) playing an accordion. But there's (more expert) opinion on that, from Chris Lawrence, of the excellent Sonic Youth song info
regarding jagermeister pie, i'm not so sure that's an accordian he's playing.. it sounds a lot like these little chord organs that have about an octave and a half on em and also have 4 buttons for full chords, which i think is what the sounds on the song are... they're also called wind organs, i think, at least the one i have.. you flick this switch to "boot it up" and you hear this windy acceleration begin../// eh lemme compare it w. the song to be sure, but i've always presumed thats what JP was as opposed to accordian (though it definitely does sound very accordian-ish). one would presume if beck had access to an accordian, he'd do a little more with it than that, and that's about all you can do w/ one of those wind organs.
The recording was done with Tom Grimley at Poop Alley studios, where Beck did a number of songs, including "Pink Noise
" and "Totally Confused