  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
eight 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.
