I was sitting on the steps of my apartment in Olympia, WA smoking a cigarette while facing the western sky at approx. 11:30 PM PST when I observed a long cigar shaped object that was blacker than the night sky moving from the south to the north. I couldn't make out any features of the craft but it was completely noiseless and had one small steady white light at the rear of the object while the front had a small blinking red light. Whatever it was, it seemed pretty large. I'd guess that it was about a mile away but if it was further away then it must have been even larger. It was moving fairly slowly at first, almost hovering when I first saw it, but then it picked up speed and disappeared behind a very large stand of trees on the adjoining property. At first, I thought it might be a blimp for a second but when it speeded up, it moved faster than a blimp is capable of; I've seen a few of them over the years and this object speeded up more rapidly than a blimp can. We are pretty close to Joint Base Lewis McChord here so I suppose it could have been military but it also met the definition of a UFO, that much is certain.