Lets just say the orbiting object is a planet.
Make your planet.
Where you want the point it revolves around, create a small 1x1x1 brush. Texture this brush with the "origin" shader (it can be found in the common folder)
Select both your planet, and the 1x1x1 brush. In the graph window, right click on one of the highlighted brushes (either the planet or the origin) Then click on func > func_rotating.
In the graph window the planet and the origin brush should now be outlined in blue.
To modify the speed, highlight either the planet or the origin brush (or both) and press N.
In the window that pops up, in the key field, type "speed". In the value field you are going to type a number which will give you a speed. I suggest you just type in "100". Once youve typed in the the key and value press enter. this should put "speed 100" underneath "classname func_rotating".
Compile the map and see if its rotating to fast or too slow. Modify the number in the value field accordingly. (note -100 will give you the same speed but in the other direction.