About an hour and a half ago (2am-ish) my roomate, who is a photography student, ran down the stairs from his room and came into the living room where i was fooling around on the interwebs. He had a weird excited look on his face and at first in a very hushed tone mumbled something. "What?" and then he said again , a little clearer, "U.F.O." "Nuh-UH!!" I said he motioned me to hurry upstairs and pointed out the window towards the N.E. at this star-like object. "Dude that's a star or a planet, come on." , he looked at me and said "Watch it , stars don't do that." As I watched the object i saws what he meant , being white when first I saw it , I was surprised to turn around and see that it had flashed green, then it flashed purple, red , blue, yellow and finally white again.The object continued flashing different colors in no discernible or meaningful pattern. "Dude we should be outside , you should be taking pictures!!", my roommate explained that he had been filming it for about 10mins before he came down to tell me about it. "Well I'm going outside!", I ran down the stairs and retrieved a pair of binoculars I keep in my automobile, and began walking in the direction of the light. I ended up on the front lawn of our Capitol building here in Lansing, as it happened to be the best spot to observe this phenomena. I watched as it continued to flash purple, blue,red,green,yellow and white (not in that order). Several times it looked as thought it were venting something from it's right (my left) side. After watching it for 20-30 minutes a police officer came up to me (I was in my pajamas and probably looked very suspicious), I pointed up and said "Have you seen this thing?" He looked up as I was telling him the above story, I offered him my binoculars and he took them and began watching this object, neither of us said anything for about 2minutes as he peered through my optics. "You see what I mean? Stars just don't flash multiple colors, they just don't", he hands my my optics back. I told him that because of recent Solar weather activity perhaps we were seeing a star through a "mini-northern borealis effect", but then wondered aloud at why only that one section of the stratosphere would be affected. "ALmost make ya want to go home and google this huh? Find out what this thing is." "I'm on my way home now to report it to M.U.F.O.N." Walked home and wrote this report out. I will send the film/photo my roommate took as soon as I can.