This is a picture of PN M2-9, otherwise known as the “Twin Jet Nebula”.
This is a picture of a planetary nebula, more specifically a bipolar planetary nebula. These form in binary star systems. Planetary nebula happen when a star sheds its outer layers of gas, eventually turning into a white dwarf. This only happens with stars that are 8 times the mass of the sun or less. They do not last long, this one is only 1200 years old. The longest planetary nebula live is around 10,000 years. [1][2]
There are an estimated 10,000 planetary nebula within the Milky Way Galaxy. We have only detected around 1,500, the rest lie behind clouds of dust. Planetary nebula is a misnomer, the man who discovered them thought they looked like a gas giant planet. [2][3]