i was just screwing around and made this, it's easy and looks good too

first make a new SQUARE image
i did 600 x 600

make a new layer and color it white

then make a new image 2 pixels high and 1 pixel wide
color one of the 2 pixels balck and the other white
then go to EDIT>DEFINE PATTERN

now go back to the top layer of the big picture and go to LAYER>LAYERSTYLE>PATERN OVERLAY

the pattern you just saved should be there. chose that and set it to 1000%
(with opacity at 100 and blend mode normal)

you should now have verticle stripes.

now paint the bottom white so that the last pixel row at the bottom is white
(to do this you might have to create a whole new layer)

then merge the lines and the backkground THEN the white part you just made and the other layer.

it should look like so:


after that, do FILTER>DISTORT>POLAR COORDINATES Rectangular to Polar

you should now have a target shaped object

now copy the layer and hit Ctrl-T to free transform the new layer

make it just a little bigger than the original circle and press enter

set the mode to darken and use the MOVE TOOL to move it to the center of the frame

then copy this new layer

now move one of the two bigger layers up 3 pixels and the other down 3 pixels

now your are done

cool, huh

it should look like this




you can also move the two bigger layers around however you want for different results

here's an example

you can see how the two bigger targets are centered on the left and right with the smaller one in the middle


***EDIT***

i can't figure out how to make it a full circle withut those missing parts on the sides :(