I am sorry for effect naming(!) but i couldn't decide the what is correct one for it, but you can see the example image below.
What is the most effective way to achieve this result with CS5?
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easy way to create this img would be to
create a layer fill-it with black. apply white gradient select out a oval. (save selection) select inverse cut it out.
cut out the center of the oval (save that selection too) and the top. create another layer on top of that one fill it with black. apply white gradient. load the bigger oval selection adjust it a tiny bit so its a little bit smaller on the left. select inverse cut it out. load the small oval selection. adjust it so its a smidgin bigger on the right. cut it out. Select a giant circle half way trough the layer. select inverse cut it out. That should look like the top layer.
Creating the bottom most layer is the same process but its gradient is very slight. You can start with that layer if you wish and work your way up.
and then you need to create that little red triangle which is just cutting out 3 circles of different sizes from a layer that's all red. (and is also not part of this question but just i case you want to copy this img layout i add it in)