Photo location (see this area):
56º 4' 55.20" N 160º 35' 15.01" E
here's a smaller one - the pic, not the cloud, which is, if anyting, even more impressing - with some explanations from the wikipedia:
Lenticular clouds, technically known as altocumulus standing lenticularis, are stationary lens-shaped clouds that form at high altitudes, normally aligned at right-angles to the wind direction.
Where stable moist air flows over a mountain or a range of mountains, a series of large-scale standing waves may form on the downwind side. Lenticular clouds sometimes form at the crests of these waves. Under certain conditions, long strings of lenticular clouds can form, creating a formation known as a wave cloud.
Power pilots tend to avoid flying near lenticular clouds because of the turbulence of the rotor systems that accompany them, but sailplane pilots actively seek them out. Although the clouds can produce heavy turbulence they also show a sign of precipitation. This is because the systems of atmospheric standing waves that cause "lennies" (as they are sometimes familiarly called) also involve large vertical air movements, and the precise location of the rising air mass is fairly easy to predict from the orientation of the clouds. "Wave lift" of this kind is often very smooth and strong, and enables gliders to soar to remarkable altitudes and great distances. The current gliding world records for both distance (over 3,000km) and altitude (14,938m) were set using such lift.
They have been mistaken for UFOs (or "visual cover" for UFOs) because these clouds have a characteristic lens appearance and smooth saucer-like shape.