Date: January 18, 2012
Time: Approx: 8:15 p.m.
I entered the park at the Pollock Halls gate, and turned left at both roundabouts. As I drove downhill, heading north west. I saw a red light in the sky with a bit of an orange tint to it.
It seemed to be a stubby vertical cylinder, very bright, possibly encased by a clear plastic globe. I say plastic because glass would have given a sharper quality to the light.
The light seemed to be slightly diffused.
It could have been a balloon, but seemed a bit large for a Chinese lantern. Chinese New Year celebrations are already under way, so a lantern is a possibility.
I was able to slow down as there was no traffic behind me, but could not stop safely until I got to the bottom of the hill, by which time it was out of my line of sight so I didn't bother. Other cars came up the hill at the same time as I went down, and they must have seen it too.
It did not appear to be moving (but remember I was driving, and had to keep checking the road).
On checking the alignment on Google Maps and Street View afterwards I could persuade myself that it may have been over Edinburgh Castle.
One other thing, as I passed Pollock Halls before entering the Park I noticed a crowd of about 30 people, probably students from the halls of residence, and I wonder now if they were looking at the same thing.
Whatever it was was large, and it seemed to be man-made. Like your original poster, I would like to know what it was too.
Update:
Hello Brian, I asked a friend who works at Edinburgh Castle. He told me that some students released 5 Chinese Lanterns at Prestonfield Hotel that night.
That is close to the Queen's Park, so what I saw was probably one of those. Sorry to have troubled you.