Thought I'd have a bash:
Graphics 640,480Repeat;x=x+2;b=b+4Cls;For c=0 To 359w=100*Sin(c+x)h=15*Cos(c+b)y=y+1SetHandle w/2,h/2SetColor 255*Sin(y),50,50DrawOval w*4*Sin(c+w)+320,w*2*Cos(c*c)+240,h,h;DrawOval w*2*Sin(c+w)+320,w*Cos(c+y)+240,h*2,h*2;Next;Flip;Until KeyDown(27)
250 bytes