Thought it was a planet, but seemed too big...initially thought jupiter, satern...sky was very clear but looked too large...then noticed it was flashing....took out binoculars, and saw a voiolet ring around it and it was pulsating colours....green, red, orange, yellow etc.....green and red were more prominent. Was not plane, stayed stationary until we all went to bed....we watched a 2 planes pass it....not at all the same in appearance. I star gaze on manitoulin island and have never seen anything like this.