Multi-colored erratic, fast moving sphere (remaining in same general area) observed over Mono Lake, Ca.At approx. 21:30, camping in my RV one mile south of Bodie (off park boundry), my friend (MS in Psychology) and myself (Mechanical Design Eng'r) witnessed a red to yellow sphere of light in the brilliantly clear, moonless night sky, 2.5-3K feet, due south (of campsite) over Mono Lake near the town of Lee Vining (estimated distance: 7-12 miles). The light erradically moved in multiple directions and different velocities (sometimes startlingly fast), yet remained in the general locale originally observed. The object waxed and waned in intensity and color. At one point, a helicopter ventured over to the area, when the object quickly moved in its direction resulting in the chopper making a quick evasive manuveur. At that point, the object broke-off and returned to its former erratic movements including a 'falling leaf' pattern. Its size was difficult to estimate, but smaller than the helicopter. I would characterize the movements as kite-like with the exception of the event with the helicopter. That seemed to demonstrate 'curiousity'. The sighting lasted about 2 hours, off and on as it was a very cold night and we retreated into the camper for warmth, coming back out for observations.