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Not, perhaps, as cute as the Dumbo Octopus, the Paper Lantern Medusa is nonetheless extremely awexome.
The red paper lantern medusa has a transparent, bell-shaped hood measuring about 10 centimeters in diameter and 17 centimeters from top to bottom, with between 14 and 30 tentacles that extend up to 6 times the length of its body. Inside the transparent hood is a deep red colored mantle that can crumple up or expand like a paper lantern, hence the name.
Here are some video clips of the thing in action:
(thanks, Pink Tentacle)