circular light pattern that flew off with great speed in formation with 2 Air Force Jets on its tail.

It was the summer of 1981. I was on an overnight stay at Lake Travis just outside of Austin, Texas, with 3 other friends. I couldn't sleep for gazing at all the stars. They were beautiful as always. Sometime after midnight, I spotted lights flashing in a circular motion of red and green. They appeared to be about the distance of todays satellite's, in the sky just overhead of me. This was a popular campsite and probably 20 - 30 people were scattered over the entire campsite. I was camping on the East side of Lake Travis. I became fixed on the site immediately. After 1-2 minutes, they completed another circle and shot off out in to space in a straight line formation. As if to follow one another. The speed was incredible. So fast I lost them quickly as they left a short streak of light behind them as they disappeared in the night, some 30-45 seconds more. I woke my 3 friends with a start! Trying quietly and calmly to explain what I'd seen. This took another 2-2.1/2 minutes. Suddenly, 2 Air Force Jets came flying very low and very fast over the campsite and woke up everyone there. They were extremely loud! We all held our ears for they were low. They flew up and towards the direction of the lights I had just seen going S-SW of the Lake. Everyone there witnessed the Jets. I had no interest in UFO's at the time, but I felt I had seen what the Jets were after. It was only years later when television began showing a number of shows about UFO's that I became curious about what I saw that night back in the summer of 81'. Most sightings are near Air Force Bases or so I've heard. Also, that military air vehicles are present at the time of other sightings. My best friend of 13 years at the time, (now 27 years) knew I wasn't joking about what I'd seen, however, my other two friends weren't sure. Everyone knew about the Jets, though. I've been looking up ever since.
Date is approximate.  PD