M 76 is a small, faint planetary nebula in the constellation
Perseus. Because of its shape, it is sometimes called the
"butterfly", or "barbell", or (most commonly) "little dumbbell"
nebula. Planetary nebulae are formed when stars expell their outer
layers. That expanding gas glows from the radiation of the star.
The bright core of M 76 is probably a ring of expanding gas that we
see edge-on. Perpedicular to that is an area of more rapidly expanding
gas, which forms the "wings" on either side.

Image data:
Camera: SBIG STXL-11002
Exposure: RGB 60 minutes each; Hydrogen-alpha 60 minutes; O-III 90 minutes
Telescope: 12" Hyperion