1. Create a new document sized 300*300 with a black background, then using the 'Rectangular Marquee Tool' create a square and center it. (try and get it the exact size as mine)
2. Click 'Filter' > 'Distort' > 'Polar Coordinates' and select these values:
3. Now duplicate our layer and rotate it 180 ('Edit' > 'Transform' > 'Rotate 180') change the layer mode to 'Linear Burn'.
4. Before we continue we must merge our two layers into one, to do this we click 'Layer' > 'Merge Down'. Now click 'Filter' > 'Artistic' > 'Plastic Wrap'. Enter these values:
5. Lastly we use 'Filter' > 'Disort' > 'Polar Coordinates'. Change the settings to:
6. Now to add colour press 'Ctrl and U' - this will bring the hue/saturation window up, were your able to change the colour to yellow, green, red, blue etc.. (The picture quality isn't very good, sorry about that)
More Tutorials: 
