A previously inconspicuous knot in the M87 jet has undergone a dramatic outburst and now exceeds the nucleus in optical and X-ray luminosity. Monitoring of M87 with the Hubble Space Telescope and Chandra X-Ray Observatory during 2002-2003, has found month-timescale optical variability in both the nucleus and HST-1, a knot in the jet 0.82" from the nucleus. We discuss the behavior of the variability timescales as well as spectral energy distribution of both components. In the nucleus, we see nearly energy-independent variability behavior. Knot HST-1, however, displays weak energy dependence in both X-ray and optical bands but with nearly comparable rise/decay timescales at 220 nm and 0.5 keV. The flaring region of HST-1 appears stationary over 8 months of monitoring. We consider various emission models to explain the variability of both components. The flares we see are similar to those seen in blazars, albeit on longer timescales, and so could, if viewed at smaller angles, explain the extreme variability properties of those objects.
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