On the evening of 2 May 2012, at 9:00 p.m., I went outside to view a thunderstorm building to the north and west of Adams, Nebraska. While looking north I noticed a red light at approximately 40 degrees above the horizon. It would be about the size of an aspirin held at arms length. The light was moving to the north, the light gradually changed color and became more orange. It then changed direction and made a complete 360 degree turn, winding up moving north again. At this point it was yellow in color. The light then disappeared behind the wall cloud. The light was visible for approximately 5 minutes. I did not hear any sound, this is likely due to the distance and the weather conditions. I am former military and can say that I have never seen anything quite like this before. It is possible that this was ball lightning, I have never seen ball lightning before, however this seems like a long duration for that explanation.