An expanding shell of ionized gas ejected from a red giant star in the late stages of stellar evolution. Despite the name, it has no connection to planets. The glowing gas is illuminated by the hot core of the dying star.
Source: science.nasa.gov
02/06/1998

The Butterfly Nebula is only thousands of years old. As a central star of a binary system aged, it threw off its outer envelopes of gas in a strong stellar wind. The remaining stellar core is so hot it ionizes the previously ejected gas, causing it to glow. The different colors of this planetary nebula are determined by small differences in its composition. This bipolar nebula will continue to shine brightly for only a few thousand more years, after which its central star will fade and become a white dwarf star. The above picture is one of the first ever taken by the Very Large Telescope (VLT), a new 8.2-meter telescope located in Chile.