What icon do you use to change the label on a Favorite?

The star icon typically marks an item as a favorite or unfavorite, it doesn't edit its properties.

The clock icon is usually associated with history or recent items, not editing favorites.

A triangle icon is often used for expanding/collapsing sections or indicating a dropdown, not for editing a favorite's label.

The pencil icon (edit icon) is universally used in many applications, including ServiceNow, to indicate an editable field or property. For Favorites, clicking the pencil icon next to a favorite opens a dialog to change its label, color, or icon.