Right so this is exactly the kind of thing I follow this forum for. What were the conditions like - cloud cover, wind, temperature? Reason I ask is that atmospheric lensing can do genuinely weird things to light sources near the horizon, especially over dense woodland where you get thermal layering at night. That said it doesnt explain the hovering part if it was truly stationary for any length of time.
I had something similar about three years back over Sherwood, low and slow, no nav lights, and the thing that stuck with me was the complete absence of sound. That detail tends to separate the genuinely strange cases from the mundane ones in my experience.
How long did it hold position before it moved or disappeared? And did you notice any effect on local wildlife, dogs kicking off, birds flushing from the trees, anything like that? Those secondary indicators are massively underreported but they matter when you're trying to build a coherent picture of what actually happened.