The 7th US Army Air Force archive at NARA has this report, the primary source for this incident [usa].
It says:
HEADQUARTERS VII Bomber Command
APO #244
MISSION REPORT NO. 11-327
DATE: 2 MAY 1945 (GCT).
OBSERVATIONS: The crew of plane #616 over FALA ISLAND, TRUK ATOLL, at 021802Z observed 2 airborne objects at their 11,000 foot altitude changing from a cherry red to an orange, and to a white light which would die out and then become cherry red again. These objects were out on either wing and not within range of caliber .50 machine guns. Both followed the B-24 through all types of evasive action. A B-24 took a course for GUAM and one of the pursuers dropped off at 021900Z after accompanying the B-24 for an hour. The other continued to follow, never approaching closer than 1000 yards and speeding up when the B-24 went thru the clouds to emerge on the other side ahead of the B-24. In daylight it was seen to be bright silver in color. As the B-24 let down at GUAM, the pursuer took a course of 330 degrees at 15,000 feet to 20,000 feet altitude at 022130Z. One B-24 encountered eight intense flames light green in color, one of which burst and hung at 5,000 feet at 021013Z. There was no trail or warning until the actual burst. A B-24 reported 9 to 10 red tracer type trails of fire up to 5,000 feet. They came in pairs and one pair came within 50 to 100 yards of the tail of the B-24 at 021010Z. Source of each pair was at a different location."
Jo Chamberlin, in a 1945 article on the Foo Fighters published in the American Legion Magazine, provides what is the first secondary source [cha]:
Far to the south, a B-24 Liberator was at 11,000 feet over Truk lagoon, when two red lights rose rapidly from below, and followed the B-24. After an hour, one light turned back. The other kept on -- sometimes behind, sometimes alongside, sometimes ahead about 1,000 yards, until daybreak when it climbed to 15,000 feet and stayed in the sun, like a Jap fighter seeking game, but never came down. During the flight, the light changed from red to orange, then white, and back to orange, and appeared to be the size of a basketball. No wing or fuselage was observed. The B-24 radioed island radar stations to see if there were any enemy planes in the sky. The answer was: "None." A curious business, and one for which many solutions have been advanced, before the war was over, and since. None of them stand up. The important point is: No B-29 was harmed by the balls of fire, although what the future held, no one knew. The Japanese were desperately trying to bolster up their defense in every way possible against air attack, but without success. Our B-29s continued to rain destruction on Japanese military targets, and finally dropped the atomic bomb. Naturally, U. S. Army authorities in Japan will endeavor to find the secret -- but it may be hidden as well as it appears to be in Europe.