The following will create an activity indicator 15px wide:
#import <QuartzCore/QuartzCore.h>
...
UIActivityIndicatorView *activityIndicator = [[[UIActivityIndicatorView alloc] initWithActivityIndicatorStyle:UIActivityIndicatorViewStyleGray] autorelease];
activityIndicator.transform = CGAffineTransformMakeScale(0.75, 0.75);
[self addSubview:activityIndicator];
While I understand the sentiment of TechZen's answer, I don't think adjusting the size of a UIActivityIndicator by a relatively small amount is really a violation of Apple's standardized interface idioms - whether an activity indicator is 20px or 15px won't change a user's interpretation of what's going on.
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