NGC7129. "Valentine's Rose"

NGC 7129 in Cepheus is a young star-forming region located roughly 3,000–3,800 light-years from Earth. 
At the center of NGC 7129 lies a very young cluster; studies give a typical stellar age of about 1.8–3 million years. By Milky Way standards, this is practically stellar "infancy."
The blue part of the object is a reflection nebula: the dust itself does not glow but scatters the blue light of bright young stars.
Over a hundred young stars have been found in the region, including pre-main-sequence objects and protostars still enveloped in gas and dust.
The red structures in the vicinity are traces of jets from young stars colliding with surrounding material. Such shock knots are known as Herbig–Haro objects.