We are given a square sheet with side 1 unit, and the triangle is formed by cutting along the diagonal. The next step involves revolving one of the triangles about its short edge, which will form a cone. Let's find the volume of this cone.
- The base radius \( r \) of the cone is half of the side of the square, so \( r = \frac{1}{2} \).
- The height \( h \) of the cone is the length of the other side of the triangle, which is also \( 1 \).
The formula for the volume of a cone is:
\[
V = \frac{1}{3} \pi r^2 h.
\]
Substituting the values of \( r \) and \( h \):
\[
V = \frac{1}{3} \pi \left( \frac{1}{2} \right)^2 \times 1 = \frac{1}{3} \pi \times \frac{1}{4} = \frac{\pi}{3}.
\]
Thus, the volume of the cone is \( \frac{\pi}{3} \) cubic units.
Final Answer: \( \frac{\pi}{3} \)