In celestial mechanics, a horseshoe orbit is a type of co-orbital motion of a small orbiting body relative to a larger orbiting body. The osculating (instantaneous) orbital period of the smaller body remains very near that of the larger body, and if its orbit is a little more eccentric than that of the larger body, during every period it appears to trace an ellipse around a point on the larger object's orbit.
However, the loop is not closed but drifts forward or backward so that the point it circles will appear to move smoothly along the larger body's orbit over a long period of time. When the object approaches the larger body closely at either end of its trajectory, its apparent direction changes. Over an entire cycle the center traces the outline of a horseshoe, with the larger body between the 'horns'.
Figure 1. Plan showing possible orbits along gravitational contours. In this image, the Earth (and the whole image with it) is rotating counterclockwise around the Sun.
Figure 2. Thin horseshoe orbit
3753 Cruithne is a Q-type, Aten asteroid in orbit around the Sun in 1:1 orbital resonance with Earth, making it a co-orbital object. It is an asteroid that, relative to Earth, orbits the Sun in a bean-shaped orbit that effectively describes a horseshoe, and that can change into a quasi-satellite orbit. Cruithne does not orbit Earth and at times it is on the other side of the Sun, placing Cruithne well outside of Earth's Hill sphere. Its orbit takes it near the orbit of Mercury and outside the orbit of Mars. Cruithne orbits the Sun in about one Earth year, but it takes 770 years for the series to complete a horseshoe-shaped movement around Earth.
3753 Cruithne
Cruithne's distance to Earth (blue) and the Sun (yellow) plotted over 500 years (top) and 10 years (bottom)
Plan showing possible orbits along gravitational contours (not to scale)