The Physics of a Fighter Jet Rainbow
scienceblogs.com
scienceblogs.com
The shot is probably taken from the ground and during a (relatively) slow maneuver where the aircraft pulls hard up, causing the flow of air to become almost perpendicular to the alignment of the wings, which will cause said large pocket of low pressure which rapidly is equalized causing condensation of the water vapor in the air.
You can see a similar (very) low speed condensation effect here
http://www.airliners.net/photo/Air-France/Boeing-777-228-ER/...
here with a fighter jet but also low speed and high angle of attack
http://www.airliners.net/photo/USA---Air/McDonnell-Douglas-F...
and this is rather extreme example of the same thing
http://www.airliners.net/photo/Russia---Air/Sukhoi-Su-30.../...
and here is a similar rainbow effect, but behind an A340 which surely isn't supersonic.
http://www.airliners.net/photo/Virgin-Atlantic-Airways/Airbu...
Another factor which makes super sonic flight unlikely is that the photographer had to wait for the moment when the sun is behind the aircraft which would be very difficult to do if it was flying that fast.
edit: oh and apparently it is called http://en.wikipedia.org/wiki/Prandtl–Glauert_singularity
And it's not the P-G singularity either. That's the bow shock condensation when you go supersonic. This is just a variant of the condensation streak you often see of the wings of a commercial airliner when they go full flaps before landing.
I agree that this is a low-speed manoeuvre though, and not an example of a transonic cloud - have a look at this photo from RAAF Amberley earlier this year: http://www.defence.gov.au/media/download/2010/Jun/20100607/2... - it has the same cloud structure as the F22 photo.
My guess is that this caused by internal reflections in a slew of similarly sized water droplets. Much like a rainbow, except that this is backlit.