It was 23:33 on Sunday August 17. I was preparing to leave work for the night near cal state fullerton in orange county california. I was loading my equipment in to the car and out of the corner of my eye what appeared to be two aircraft flying through each other's path to the west. When I looked I realized one was an airplane flying at altitude and the other was flying much lower eastbound at about the altitude of a patrol helicopter. It had a very bright solid red light and a dull pulsing green light offset above and to the right but very close together. I assumed it was a police helicopter (which generally have a dull solid green light and pulsing red light) until it suddenly came to a complete stop without decelerating at what appeared to be a distance of approximately two blocks away at roughly an altitude of 100ft. The object remained hovering for roughly 30 seconds and then lowered rapidly, again without any visible acceleration (it was instantly at full speed) until it was barely visible over the two story building across the street. Again it remained there for a period of time (30sec - 2min) then raised up to its original altitude (note that each time this light moves in this description it does so with no apparent acceleration/deceleration) it hovers again for roughly 30 seconds and then moves north 200/300 feet. It then repeats the pattern of lowering then rising, hovering in between for close to a minute. It then moves west approx 50/100ft. Then it moves south again aprox 200/300 ft. Until it is due west from my position. It lowered again until I could just barely see it over the rooftop across the street (two story building) where it remained for a minute and lowered again out of sight. I never regained sight of object.My initial thought was helicopter, due to the similarities of light arrangement, though the lights on a helicopter are further apart and local patrol helicopters also have white strobes, this did not. Also, while feasible that a helicopter could possible move in such a way, I noticed that there was no wobble or rotation to the lights. They remained perfectly oriented as the object moved, where a helicopter will pitch and yaw. Also, at the distance the object appeared to be, and as familiar with the area anf local air traffic as I am (the area is centered between airports within 10/20 miles east and west) I should have been able to hear it if it was a helicopter. I also suspected it could have been a radio controlled drone, but the lights were large (and the red exceptionally bright) and I am familiar with drones and how loud their four motors can be. At that distance again I should have been able to hear a drone, especially at that size. And again the lights were perfectly oriented. So I am at a loss to identify the object. I chose to report it in hopes that someone else might have witnessed it.