Start a new document about 200x200 with black background

- Create a New Layer.

- Use the eliptical marquee tool and create a perfect circle selection, to do this, HOLD down SHIFT while creating the selection. Make the selection about 123x123

- Use the Paint Bucket tool to fill the selection with White. Then CTRL+D to deselect

Now apply the following Layer Style (Layer » Layer Style).

- Gradient Overlay

- Bevel and Emboss

- Inner Shadow

Now, we apply the layer style to this layer again. Apply the following:

- Inner Shadow

- Inner Glow

- Bevel and Emboss

Now repeat the step #3 above to merge the layer to clear the layer styles, so you end up with just a single layer without layer styles.

Now we apply the layer style again. This time, use these:

- Drop Shadow

- Inner Shadow

- Inner Glow

- Bevel and Emboss

- Stroke

Now use the eliptical marquee tool to create a vertical oval selection. see image on the left.

Create a new layer, then Fill this selection with white.

Now set this layer's blending mode to "Soft Light" and turn opacity down to 50%

Now, because this is on its own layer, you can use it on any color background.

If you dont want the glow, you can turn down the size value in "Drop Shadow". Play around and you can come up with something better.

DOWNLOAD FINAL PSD FILE

or

DOWNLOAD THIS ONE, it has all 3 styles saved.