A nebula is a giant cloud of gas (mostly hydrogen and helium) and cosmic dust situated between stars in the interstellar medium. Nebulae serve as sites of stellar birth and death—including emission nebulae that glow from ionized gas, reflection nebulae that scatter starlight, and dark nebulae that obscure background stars.
Source: science.nasa.gov
05/08/2001

Like a butterfly, a white dwarf star begins its life by casting off a cocoon that enclosed its former self. In this analogy, however, the Sun would be a caterpillar and the ejected shell of gas would become the prettiest of all! The above cocoon, the planetary nebula designated NGC 2440, contains one of the hottest white dwarf stars known. The white dwarf can be seen as the bright dot near the photo's center. Our Sun will eventually become a "white dwarf butterfly", but not for another 5 billion years. The above false color image and was post-processed by Forrest Hamilton.