1.- Create a document, for example, 500px high and wide.
In a new layer, make a circle in the centre and paint it orange. (# ff5a00)
2.- Select the circle, reduce selection 2px and press Delete. You'll must to be an orange ring like the image. (picture 2)
3.- Duplicate the ring layer. Transform (ctrl+t), and reduces the size to 98% high and wide.
Repeat until you think the disk can be filled. Your image should be like this. (picture 3)
4.- Add all rings in a single layer.
Make radial blur, spin mode, quantity: 80, quality: optimal.
5.- Duplicate the layer and change hue (ctrl+u) to +10, to give it a more yellow look.
Deletes some random areas from the duplicated disk. Use a rubber without harshness, with approximately 80px diameter.
Then, use the same radial blur that you used in the previous step.
Duplicate this layer if you want to "light the fire" of the disc.
6.- Now, we put our work on the disc you want to burn.
Adjusts our ring on the disc.
7.- We delete the part of the ring that is over the brake caliper.
We finished with some details, depending on the image that we are going to put the ring. In my case, I increased the brightness, I reduced the opacity to 80% and I added an orange glow outside (# ff5a00).