Extensive time-resolved observations of Kuiper Belt object 2001 QG298 show a
lightcurve with a peak-to-peak variation of 1.14 +-0.04 magnitudes and
single-peaked period of 6.8872 +- 0.0002 hr. The mean absolute magnitude is
6.85 magnitudes which corresponds to a mean effective radius of 122 (77) km if
an albedo of 0.04 (0.10) is assumed. This is the first known Kuiper Belt object
and only the third minor planet with a radius > 25 km to display a lightcurve
with a range in excess of 1 magnitude. We find the colors to be typical for a
Kuiper Belt object (B-V = 1.00 +- 0.04, V-R = 0.60 +- 0.02) with no variation
in color between minimum and maximum light. The large light variation,
relatively long double-peaked period and absence of rotational color change
argue against explanations due to albedo markings or elongation due to high
angular momentum. Instead, we suggest that 2001 QG298 may be a very close or
contact binary similar in structure to what has been independently proposed for
the Trojan asteroid 624 Hektor. If so, its rotational period would be twice the
lightcurve period or 13.7744 +- 0.0004 hr. By correcting for the effects of
projection, we estimate that the fraction of similar objects in the Kuiper Belt
is at least 10% to 20% with the true fraction probably much higher. A high
abundance of close and contact binaries is expected in some scenarios for the
evolution of binary Kuiper Belt objects.Comment: 15 text pages,6 figures(Color),5 Tables, Accepted to AJ for May 200