Let $A$ be a commutative ring, $S \subset A $ a multiplicatively closed set and $M$ an $A$-module.
For every $s \in S$ we denote by $M_{s}$ the localization of $M$ with respect to $\{ 1, s, s^2, ...\}$. Then we have a direct system $\{ M_{s}\}_{s \in S}$ with respect to inclusion. Infact for every $s, s' \in S$ we have $$M_{s} \hookrightarrow M_{ss'}$$ $$M_{s'} \hookrightarrow M_{ss'}$$ I have to prove that $$S^{-1}M = \underrightarrow{\lim}(M_{s})$$
Obviously $S^{-1}M$ with inclusions $i_{s} : M_{s} \to S^{-1}M$ is a cocone, but why it has the colimit universal property ?