My husband and I were outside at about 10pm on New Years Eve just looking at the stars in what happened to be a completely clear sky that night. My husband was the first to notice it, and he quickly pointed out a red-orange orb hovering above the trees probably at least a mile from where we live. The object hovered in the same area for a few moments and than began to quickly flash from one bright color to another. I dont remember the exact sequence of the colors, but I do remember that it was quite bizarre and unlike anything I had ever seen. It was not the typical blinking of lights commonly displayed by aircraft. We were only able to watch the object for a few moments before it disappeared behind the trees and we lost sight of it. This sighting was entirely different than a UFO we had observed a few years prior in the Vancouver, WA area where there were three red lights in a triangular formation hovering directly above our vehicle. It was about 9:30pm, and we were driving on a country road with no other vehicles around at the time of this sighting. We literally stopped directly under the object which was no more than 100-200 yards above us. As soon as we stopped the UFO ascended more quickly than I have ever seen anything move in my life. The object was completey silent the entire time.