Sadly it wasn't a UFO. No new Rosewell from the wild deserts of the western United States. It was a space craft built and set in the sand by MUFON. Specifically a craft built by MUFON to train the 25 or so Field Investigators that signed up to learn how to properly investigate various sitings. While in their boot camp the private plane passed over and about 20 minutes later the F16s roared over head, passed low to have a look see and then went on their merry way. This was followed about 20 minutes later by a sheriff's helicopter.
To paraphrase one of the observers, for a government that has no official policy of investigating UFOs they sure sent out a lot of manpower to investigate that unknown object in the sand.