I would guess the red spots are the infrared light that comes out the back of an MR-16 halogen lamp shining through some kind of mesh cover and the white light is the beam from it.
Ok you all lost lol. I will say it now. This is arcing from a failed heating element in our oven. It made an awful noise and the lights dimmed, sure enough the top element just burnt up! Nasty!
I've seen that a couple of times before. It usually occurs when the coil inside opens. Sometimes it arcs, and the heat of the arc starts a chemical reaction in the magnesium-based powder inside.
a Metal Halide Burner.
a Carbon Arc.
Basically you've got a sparkler!