The “on” time for the circuit is given by the equation: Th=0.7(Ra+Rb)Ct
While the “off” time is given by the equation: Tl=0.7 Rb*Ct
In the illustrated circuit, Ra is synonymous to R2, Rb is synonymous to R1 and Ct is synonymous to C2. The values in the circuit give a theoretical duty cycle of about 7.1 seconds on and 3.6 seconds off. Experimental values of Ra=3K, Rb=390K and R3= 1K resulted in about 90 seconds on and 60 seconds off.
The 555 timer operation is explained at:
http://www.ee.ed.ac.uk/~kap/Hard/555/node2.html
The National Semiconductor datasheet can be found at:
http://www.national.com/pf/LM/LM555.html
Similar circuits:
http://www.interq.or.jp/japan/se-inoue/e_ckt4.htm
http://home.maine.rr.com/randylinscott/sep98.htm