After some comments on twitter suggesting the use of flags (@brunofigueiredo), I responded with my opinion that it's an utter mistake to indicate languages with flags. In some cases, it can make sense (language switchers on websites), but it will most definitely offend a few visitors.
Thus, here is my proposal of an indication of the language. Notice the globe icon (very rough draft) which would indicate the key with the globe is where you toggle.
This could, obviously, be off by default and enabled via a preference.
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