Where's the difficulty at?
Radius is the distance from the center of the object that you're satellite is orbiting.
sync on
make object sphere 1, 50
make object sphere 2, 10
position camera 0,0,-500
point camera 0,0,0
radius = 100
do
angle = wrapvalue(angle+1)
Y = cos(angle) * radius
Z = sin(angle) * radius
position object 2, 0,Y,Z
sync
loop
Or, to have your satellite object (the orbiting one) follow the planet if it moves, just offset the values.
sync on
make object sphere 1, 50
make object sphere 2, 10
position camera 0,0,-500
point camera 0,0,0
radius = 100
do
angle = wrapvalue(angle+1)
Y = cos(angle) * radius
Z = sin(angle) * radius
offsetX = object position x(1)
offsetY = object position y(1)
offsetZ = object position z(1)
position object 2, offsetX,Y+offsetY,Z+offsetZ
sync
loop