My wife came home from grocery shopping around 7:30 on New Years Eve. Upon arriving home, I went out to the car to help her carry in groceries. It was very quiet outside. Out of the corner of my eye I saw a "commotion" in the east toward the Hales Corners area that drew my attention. I looked and noticed a very bright light probably less than a mile away sitting very low in the sky. At first glance I thought it was a helicopter. After a few seconds the light moved slightly north and then south and then appeared to start spinning. Several seconds after that, it began to change colors and flash red, blue, green and yellow almost like a strobe light. This thing was bright. There was no sound coming from the object. I yelled to my wife to come out and see it. She was also stunned and witnessed the event. I told her to run in the house and grab my camera. Unfortunately the batteries were dead and all I got was a shot of it on my cell phone camera, which doesn't do the object justice. I am not sure what this thing was, but it was hovering in the same spot for 4-5 minutes. This object couldn't have been more than 200 feet in the air when we saw it. I would have to estimate that when it began to drop out of sight it was very close to the ground, not more than 50-100 ft. I can't imagine that we were the only ones that saw this object that night.