Sorry to disagree with those Armstrong sisters about eye rolling:
They left out a very important meaning, the Groucho Marx meaning. This is the one most perfectly suggested by this smiley (who in my opinion doesn't evoke at all things like frustration, boredom, and so on)
The Groucho Marx meaning (and he was THE master eye roller) has a tongue in cheek connotation, requests some see-what-I-mean complicity with the person it is intended for, and may be eventually sexually connoted when adressed to Margaret Dumont.