This cool picture was taken by Siggi Ragnar and it depicts a rather stunning phenomena - a Sun halo. Specifically, a Sun halo is created when light is refracted off of high altitude ice crystals, making its formation process similar to that of a rainbow. These halos occur for both the Sun and the Moon (though, the Sun's halo is usually more colorful). They are 22 degrees across, which makes it appear 44 times larger than the sun (or moon in the case of a moon halo).
You can read more about these halos here.