New Year's Eve UFO (?) in Eugene, Oregon

In the literal sense of the word, it was a UFO I just saw, about twenty minutes ago. I can't identify it, and have never seen anything like it before.

We were standing on our porch, watching the fireworks, right at midnight. A few minutes after midnight, the fireworks display had stopped, and through the trees across the busy street at the corner of our street, to the east, I see a very large object come towards us (moving west.) This thing which I assumed was a plane, though an odd one, was moving upwards. Cylinder shaped, with bright -- really bright -- orange lights, or more like, the whole thing was one orange light. I didn't see any other lights like a plane would have -- no red, white, etc.

Odd, and we watched it ascend, still moving west but also to the north. It suddenly became very small, and all the lights (or one light) dimmed, almost going out completely. All we could see now was a sort of grayish white light. That's when I got my binoculars. I ran inside and grabbed them off the bookcase that's right by the front door.

Through the binoculars, I could see a large, bright white light, round. This object, or plane, appeared as a single translucent white-ish blue light. It the descended, moving downwards, to the north, north west. I kept watching it until I couldn't see it anymore.

If it was something like a plane I'd love to know -- but I have never, ever seen anything like this before and it was very strange, like no plane I have ever seen.

Love to hear from anyone in the Eugene area who might have seen it, or have an idea what it was.