Today I've released another command-line tool for handling Dreamcast VMU save files.
This tool is called VMU2GIF and allows you to extract the animated icons from save files (either in .DCI or .VMI/VMS format) and save them as .GIF files.

Here are some VMU2GIF examples, taken from some well known Dreamcast games:

Check this page for download links. (win32 exe, linux binaries & source code available)

Enjoy this little tool!