Optical Transients from gamma-ray burst sources, in addition to offering a distance determination, convey important information on the physics of the emission mechanism, and perhaps also about the underlying energy source. As the gamma-ray phenomenon is extremely diverse, with time scales spanning several orders of magnitude, some diversity in optical counterpart signatures appears plausible. We have studied the Optical Transient, which accompanied the gamma-ray burst of May 8, 1997 (GRB 970508). Observations conducted at the 2.5-m Nordic Optical Telescope (NOT) and the 2.2-m telescope at the German-Spanish Calar Alto observatory (CAHA) cover the time interval starting 3 hours 5 minutes to 96 days after the high energy event. This brackets all other published observations, including radio. When analyzed in conjunction with optical data from other observatories, evidence emerges for a composite light curve. The first interval, from 3 to 8 hours after the event was characterized by a constant, or slowly declining brightness. At a later moment the brightness started increasing rapidly, and reached a maximum approximately 40 hours after the GRB. From that moment the GRB brightness decayed approximately as a power-law of index -1.21. The last observation, after 96 days, m_R = 24.28+-0.10, is brighter than the extrapolated power-law, and hints that a constant component, m_R = 25.50+-0.40 is present. The OT is unresolved (FWHM 0.83) at the faintest magnitude level. The brightness of the optical transient, its duration and the general shape of the light curve sets this source apart from the single other optical transient known, that of the February 28, 1997 event.
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