SOURCE

var c = document.getElementById("c");
var ctx = c.getContext("2d");
var cw = c.width = 550,
  cx = cw / 2;
var ch = c.height = 500,
  cy = ch / 2;
var frames = 0;
var rad = (Math.PI / 180);
var a = 200;
var B = 40,
  b;
var k = 0.08;
var offset = 2200;
var m = {
  x: cx,
  y: cy,
  a: 0
};
var o = {
  x: cx,
  y: cy,
  a: 0
};

function Draw() {
  requestId = window.requestAnimationFrame(Draw);
  frames += 15;
  easeToAnAngle(o,m,{x:cx,y:cy})
  ctx.clearRect(0, 0, cw, ch);
  for (var i = frames; i <= frames + 2400; i += 10) {
     drawArc(i,0,120);
     drawArc(i+offset,offset,320);
  } 
}

function drawArc(i,offset,h){ 
    r = 20 * Math.sin(rad * (i - frames - offset) / 20);
    b = B * Math.sin(rad * (i - frames - offset) / 20);
    u = i * rad,
       v = k * u + o.a;
    z = b * Math.sin(u)
    x = cx + (a + b * Math.cos(u)) * Math.cos(v);
    y = cy + (.7 * a + b * Math.cos(u)) * Math.sin(v) + z;
    ctx.fillStyle = Grd(x, y, r, h) 
    ctx.beginPath();
    ctx.arc(x, y, r, 0, 2 * Math.PI);
    ctx.fill();
}

function easeToAnAngle(o,m,c){
  //m == mouse i.e the target
  //o is the object to be moved
  // c is the center of the trajectory
  var dx = (m.x - c.x);
  var dy = (m.y - c.y);
  m.a = Math.atan2(dy, dx);  
  if ( o.a < m.a - Math.PI ) {o.a = o.a + 2*Math.PI;}
  if ( o.a > m.a + Math.PI ) {o.a = o.a - 2*Math.PI;}
  o.va = (m.a - o.a)*.05;  
  o.a += o.va;
  o.x = cx + a*Math.cos(o.a);
  o.y = cy + a*Math.sin(o.a);  
}

requestId = window.requestAnimationFrame(Draw);

window.addEventListener("mousemove", function(evt) {
  m = oMousePos(c, evt);
}, false);

function oMousePos(canvas, evt) {
  var ClientRect = canvas.getBoundingClientRect();
  return {
    x: Math.round(evt.clientX - ClientRect.left),
    y: Math.round(evt.clientY - ClientRect.top)
  }
}

function Grd(x, y, r, h) {
  grd = ctx.createRadialGradient(x - .2 * r, y - .6 * r, 0, x - .2 * r, y - .6 * r, r);
  grd.addColorStop(0, 'hsl(' + h + ',100%,60%)');
  grd.addColorStop(0.4, 'hsl(' + h + ',100%,40%)');
  grd.addColorStop(1, 'hsl(' + h + ',100%,20%)');
  return grd;
}

<canvas id="c"></canvas>

body { 
  overflow:hidden;
}
canvas {
  display:block;
  margin: 0 auto;
  margin: calc(50vh - 250px) auto;
}