That`s No Jellyfish, it`s my MCS!
A Mesoscale Convective System, or MCS is moving through the Midwest today. Actually this would probably qualify as an MCC, or Mesoscale Convective Complex, but I'm too lazy to do the math. Its jellyfish-like appearance comes from strong outflow at the top of the storm. The systems actually strengthen overnight, unlike individual thunderstorms, and can cover an entire state.
A couple of satellite images from its peak intensity are shown below. The Wisconsin sector shows it well right now: Visible (PREMIUM | PRO) | Infrared (PREMIUM | PRO).
The lightning from the storm has been quite impressive, with about 35,000 strikes in the last two hours alone. A lightning animation is available by clicking on the image below. I'll update it later tonight with more images.