Handle the Paint event, and draw an ellipse on the supplied Graphics object:
private bool drawIt = false;
private void myButton_Click(object sender, EventArgs e)
{
drawIt = !drawIt;
myPictureBox.Invalidate();
}
private void myPictureBox_Paint(object sender, PaintEventArgs e)
{
if (drawIt)
{
e.Graphics.DrawEllipse(Pens.Red, 10, 10, myPictureBox.Width - 20, myPictureBox.Height - 20);
}
}