1. New document 250 x 250.

2. First start by making a new layer. Then fill that layer with the color of your choice.

3. Filter > Render > Lens Flare.

4. Filter > Distort > Polar Coordinates.

5. Edit > Transform > Flip Vertical.

6. Filter > Distort > Polar Coordinates.

Now using the elliptical marquee tool make a selection

I used the smudge tool to get rid of the little nipple in the middle.

Now right on the selection and select layer via cut

Now lets apply some layer styles go to Layer > Layer Style > Blending Options and apply the following....

When Done you should have something like this: