Step 1.
Create a new 250X250 pixels document with the black background. Set the foreground colour as RGB (204, 51, 0) and the background colour as RGB (204, 102, 0). Create a new layer (Layer 1), choose the Elliptical Marquee Tool and make a round selection holding Shift. Apply Filter > Render > Clouds and then Filter > Distort > Spherize with the following settings: Amount->100; Mode->Normal.
Step 2.
Create a new layer (Layer 2) and press "D" to reset the colours. Apply Filter > Render > Clouds and then Filter > Render > Difference Clouds several times. Apply Filter > Distort > Spherize (Amount:100; Mode:Normal). Set the Blending Mode for the layer as "Color Dodge".
Step 3.
Choose the "Layer 1" and apply Layer > Layer Style > Outer Glow with the following settings:
Step 4.
Apply Select > Modify > Contract: 3px. Create a new layer (Layer 3) and drag it into the place between "Layer 1" and Background layer. Fill the selection by any colour. Press Ctrl+D and apply Layer > Layer Style > Outer Glow with the following settings:
Step 5.
Create a new layer (Layer 4) on the top. Apply Filter > Render > Clouds and then Filter > Render > Difference Clouds several times. Press on the "Layer 1" holding Ctrl, and then delete the selection. Set the Blending Mode for the layer as "Color Dodge". And that's it.
