The Tic Tac UFO? That's probably one of the best explained events (debunked). Short answer is that there was sense misreading and a gimbal lock. Some people even simulated it[0]. I wouldn't call this an elaborate hoax, but an optical illusion and an event that took some expertise to understand. Expertise that a pilot wouldn't have.
I should add that finding that link was nontrivial. Faster through Google but searching through YouTube just came up with UFO videos and no debunking. This is probably part of the problem.