Juan Brown (blancolirio) on YouTube says no - that was just the takeoff lights. He suspects it might be a case of somatogravic illusion - the pilot climbed quickly into the overcast (400' ceiling) and got disoriented on the first turn. Plane was operating at full power and looked like it went into an excessive left bank, causing it to rapidly lose altitude and go straight in at a high speed. This has happened quite a few times in previous air crashes.
Unfortunately this ties everything up, based on the Ring video where the couple are chatting and leaving, and you see the plane "Do a barrel roll" absurd bank out of the 400' mist straight into the ground in the space of 3 seconds.
FAA will likely go back and trace the pendejo pilot group credit cards and see how bad the bar tab was...