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function CreateCursorFromBitmap(Bitmap: TBitmap; TransparentColor: TColor): TCursor;
begin
 with TImageList.CreateSize(Bitmap.Width, Bitmap.Height) do
  begin
   try
    AllocBy := 1;
    AddMasked(Bitmap, TransparentColor);
    Result:=TCursor.Create;
    try
     GetCursor(0, Result)
    except
     Result.Free;
     raise
    end
   finally
    Free
   end
  end
end;

procedure TForm1.Button1Click(Sender: TObject);
begin
 Form1.Cursor:=CreateCursorFromBitmap(Bitmap, 16777215);
end;