In page 76 of Demazure's book "Lectures on $p$-divisible groups". The formal group $G^{\lambda}$ defined by the exact sequence $$ 0\to G^{\lambda} \to W(p) \xrightarrow{F^r-V^s} W(p) $$ is claimed to be a $p$-divisible group over $\mathbb{F}_p$, where $W(p)=\varinjlim(\mathbf{Ker}p^n: W_{\mathbb{F}_p}\to W_{\mathbb{F}_p})$.
Question 1. Why this is a $p$-divisible group?
Question 2. It is claimed that its Dieudonné module is $\mathbb{Z}_p[F]/(F^{r-s}-V^s)$, how should I understand this module (the "$V$" is not well-defined inside $\mathbb{Z}_p[F]$? ) and why this fact is true?
ps. As I understand, $W_{\mathbb{F}_p}$ can be written (as a group scheme): $$W_{\mathbb{F}_p}=\prod_{n\geq 0}\mathbb{A}^1_{\mathbb{F}_p}=\mathbf{Spec} \mathbb{F}_p[X_0, X_1, \cdots].$$ (This question is part of the following question---not answered yet: An example of $p$-divisible group from the book of Demazure.)
I think you have to first check the claim about Dieudenne module. for that you have to understand for each n $M(G[p^n])$ which you can easily compute from the exact sequence and the fact that you now the Dieudenne module of $ker(p^n:W_{F_p}\to W_{F_p})$.and then take the limit.$V$ is coming from here because it is defined on each $M(G[p^n])$ and hence on the limit.
now you can use the equivalence between p-divisible groups and (M, F, V) modules with $M$ free stated at the page 71 of the book.