Gen II - Maglula created a more compact, lighter, smoothly-operated loader & unloader. Further, the new loader fits and releases from both magazines held by a magazine-coupler. 

M4 / AR15 LULA® loader and unloader for all such metal and plastic 5.56mm / .223 magazines, including PMAG, Hexmag, and Lancer.

The LULA loader & unloader is a military quality personal magazine loader and unloader. It facilitates both loading of loose rounds into a magazine and unloading them out of the magazine. It does so quickly, safely and comfortably. Usable for tens-of-thousands rounds.
 

Advantages:
Both Loads AND Unloads
FAST! 35sec to load 30 rd, 5sec unloading 30 rd.
Safe on fingers and magazine,  absolutely no sore thumb!
Pocket size, just drop on in your range bag!
Durable, made of the best quality glass-reinforced polymer
Weights approx. 38grams (1.3ounce)
Constructed of only two parts
ISO9002 manufacturing
Chemicals resistant

Other advantages:
A huge time saver when several magazines need to be cleaned (unloaded and reloaded).
Needs no dexterity or training to use, suites right and left handed users
Needs no maintenance at all.
Useable also in zero light environment.
Useable with gloves in freezing weather.

Loading
1. "Click" the LULA loader over the open end of the magazine;
2. Have the LULA loader and magazine face upwards; and
3. Move the lever to-and-fro as you feed rounds into the magazine.

Unloading
1. "Click" the LULA loader over the open end of the magazine;
2. Have the LULA loader and magazine face downwards; and
3. Move the lever to-and-fro as the rounds expel out of the magazine.

That's it !