Hi Kennection,
Actually, that design was probably created using Illustrator but it could also be done with Photoshop. My guess would be that the three lines are simply a combination of three different sized circles. The circular designs could be put on separate layers, cut in half, and flipped to form the different shapes. The straight lines would be easy enough to add to the circles of course. To get nice sharp curves the Ellipse tool (with "Paths" checked in the options bar) would probably be the best choice of tools. Then, the paths could be stroked the color of your choice. Just one possibility, I'm sure there are other ways to accomplish the task as well

Hope this is helpful.