Yes there is (at least in AutoCAD 2004).
At the top of your screen click on the Tools dropdown menu.
Next, at the bottom of the menu click on Options.
In the Options window click on the tab labeled Display.
In the upper left corner of the next window click on the button labeled Colors....
In the middle of the Color options window note the words Window Element. There should be a scrollable list just below. Use the arrow to scroll through the list until you see Model tab pointer. (Note: AutoCAD refers to the cursor as a pointer.)
In the Color box just below and to the right, scroll through and select the new color for your cursor (or pointer).
Note: The change in color should be previewed in the Model tab window at the upper left.
In the lower left corner, click on the button that is labeled Apply & Close.
Close the Option window. You are now back in your drawing. Has the cursor color been changed? If not, then perhaps you forgot to click on the Apply & Close button. If it is changed then you are smarter now than you were when you awoke this morning. Now go share your new found knowledge with another CAD operator.