I think that would be the Staff of the Winter Solstice which comes form the Greater Feytwisted chest in the Dryad and Demi-god raid (also available for 2500 Demi-god runes).
https://ddowiki.com/page/Item:Staff_...inter_Solstice
It may instead be the Staff of the Summer Solstice, which drops from the normal end chest, but the wiki doesn't show that one as glowing.
https://ddowiki.com/page/Item:Staff_...ummer_Solstice
I see a hint of purple aura in that screenshot. That may be from a Feydark Illusonist weapon enhancement effect.
That's not lag, it's just DDO trying to become turn-based again.
Feature wishlist: colour-coded HP bars; red/blue teams in raids; rez-timer in party menu
Bug report form link