Neon Eye

We start with a new document, I used 1024 x 768, because we need a lot of space.

Fill your layer with #4C4C4C

Now go to Filter > Render > Lens flare, use these setting:

Make sure you position the "small circle" in the left middle of the "big circle"(or just make sure it looks like mine)

Go to Filter > Sketch > Chrome, use these settings:

You should now have this (but only a bigger version):

You could leave it this way, or you can repeat the lens flare (not the chrome) to get this:

Click to enlarge

And that's it!