1. Create a new document (500*500).
2. Fill the background with #000000 using the paint bucket tool.
3. Add a lens flare on the current layer with the settings from the screenshot (filter - render - lens flare).
4. For now, you should have something simple like this.
5. Now distort it like this (filter - distort - polar coordinates - polar to rectangular).
6. The next step is to rotate the whole image (edit - transform - rotate 180°).
7. And in the last strap we repaint step 5 but distort is with rectangular to polar instead of polar to rectangular (filter - distort - polar coordinates - rectangular to polar).
8. This last step is not necessary! I duplicated the layer and changed the blending mode for the new layer to achieve these effects!