no sound, flaming ball of fire, moving iratically

I was heading home from a friends house with a friend, on a cold clear night, we saw an object in the sky, at first we thought it was a plane, we stopped and got out to look further, it appeared to be a ball of fire hanging in the sky, and appeared to be dripping a flaming material?? the flame then went out and it was a large ball object with round shaped lights running all around it, they lite one after the other and no two colours were the same. The object was bobing up and down, making no noies, then moved over to a large building and was hovering above it for a few minutes, it then moved over to a nearby wooded area and was hovering in the woods for a few minutes
Source of report indicates that the date of the sighting is approximate.  PD