Create a new document, 1000x1000 pixels, black background.
In a new layer, create a perfect circle using the elliptical marquee tool and fill it with white.
Now go to Select > Modify > Contract and contract the selection with 15 pixels. Delete the selection. Now you should have a ring-like shape.
Next, go to Filter > Stylize > Wind and apply it from the right. Press CTRL+F (Command+F on the Mac) to another 2 times to repeat the filter. Now you should see something like this:
Now go to Image > Rotate canvas > 90 C. Now, using the smudge tool, with a strength of 50%, start painting on the ring. You's should have something like this:
Now press CTRL+U ( the hue/saturation command) and click "colorize" and use these settings: Hue:35, Saturation: 75, Lightness: 17. You should have something like this:
Now duplicate the layer and put the top layer on Linear dodge mode from the layer blending options. You're done:
