Thanks for interest in this stone. I did go to Minchinhampton Common today, with a friend in the rain - so many thanks as well to M for the transport and large umbrella.
We found the stone with some difficulty as it is tucked away in some obscure shrubbery in a turning at the bottom of a long down hill road within the rather exclusive looking Bownham Park estate (which also contains Bownham House). The houses look relatively recent and I imagine the land in question once marked the boundary between Minchinhampston and Rodborough Commons.
A grey oolite (?) stone similar to the Long Stone at Minchinhampton though not holey. It is set in concrete with a curious 'step' at the bottom - can only speculate on its intended use. Stands about 2 metres high though on a slope so difficult to judge - it is just by the entrance to a detached house at the top of a small road containing other similar properties.
Horestone on Rodborough Common
@Thesweetcheat - we also walked to the curious milestone mentioned by D.P. Sullivan about a quarter of a mile away just across the road from Whitfields Tump long barrow. The indentations on one side are odd aren't they - look like they were made with a hammer and chisel but very neat and round.
I've submitted this to the TMA EDs as a new site (or possibly a disputed site) and, if accepted, will add clearer instructions on how to find it and some more photos.