Can you debunk this UFO footage captured in Chicago

Have a look at this video posted in youtube; it clearly shows some sort of an UFO activities happening up there; I am unable to get any conclusion, so would like to see what our experts got to say about it

Youtube link

This is what the video up loader says:

This may sounds kind of strange, but it really happened. This is NOT a twinkling star or an airplane coming in for a landing or a helicopter hovering over an area, nor even a reflection light off of a cellphone. It is the for real deal! Ive happen to pull out my compact Meade telescope and look through it. Ive focus on the object, and sure enough it was a round object with flashing all different kinds of colors: green, orange, purple, red, yellow, blue and white.

It just stood there for about an hour and a half, and then it just disappeared. From a naked eye it was like a bright twinkling star with many different colors, but on my digital camcorder the colors did not showed up very well.

If you know what this was, please explain this differently. I know for fact this is NOT a star at all! It happened on Saturday May 30th 2009 at 9:30pm in the Midway neighborhood in Chicago, up in the Northern night time sky. Did anyone else here from Chicago, happen to see this strange object in the sky???

Here is the video

Sounds a hell of a lot like Bill Cosby.

I thinks the 'objekk' is the planet Saturn.

Thats a hard one, the footage is quite pixellated, so I was having a hard time figuring out if it was the picture quality that was making it 'flash' or whether it actually was.

The video poster claims it was there for about an hour and a half, correct? that would possibly rule out plane activity, as even if they are coming in to land, or are in a holding pattern they still move. So, maybe a police chopper? still it would probably move over that sort of time frame, other than that, a planet, or....

Interesting, but not an easy one to get to grips with really.