The Little Wood Satyr, Megisto cymela, is a common butterfly in June in Indiana. They are recognizable by the 4 large eyespots on the wings against a brown background. The undersides of the wings have 2 prominent lines. The adults are often seen at the edges of woods. They are almost never found in butterfly gardens. Instead they feed on tree sap and honeydew.
The eggs are laid on orchard grass. Although they may develop in suburban lawns, the caterpillars are rarely seen because they feed at night. There is only a single brood in Indiana. The larvae will develop until they reach the third or fourth instar, overwinter as larvae and resume feeding in the spring.
I saw this one at the Purdue Butterfly Encounter in July 2009. We hope to see more at the 2011 Butterfly Encounter on July 16 at Prophetstown State Park.