Using the powerful and fast /.pic construct:

Drawing curves using control points in TikZ is too hard (IMO) and involves many trial and errors (See this question referred by @cfr, for example). So, a more practical way is to draw a single picture carefully, then reuse it wherever you want with any scaling, rotation, ...etc. like a normal node.
Here is the definition of the main picture of the whole figure:
[mylobe/.pic = {%
\begin{scope}[xscale=.5]
\coordinate (A) at (0,0);
\coordinate (B) at (0,5);
\draw (A)to[out=65,in=0](B);
\draw[postaction={decorate}] (A)to[out=125,in=-180](B);
\end{scope}
}
]
This is used in drawing the four lobes at different (symmetric) scalings and rotations. Also, the main ellipse is drawn here as a node rather than a normal shape for easy positioning of text nodeas done in the last four lines of the code.
\documentclass[border=1pt]{standalone}
\usepackage{tikz}
\usetikzlibrary{positioning,shapes,decorations.markings}
\begin{document}
\begin{tikzpicture}[mylobe/.pic = {\begin{scope}[xscale=.5]
\path (0,0) coordinate(A) (0,5) coordinate(B);
\draw[postaction={decorate}] (A)to[out=65,in=0](B) to[out=180,in=115](A);
\end{scope}},%
decoration={markings,mark=at position 0.75 with {\arrow{>}}},
>=latex,%
]
\node(ell) [draw,ellipse, minimum height=30mm, minimum width=90mm]at (0,0){};
\node at (0,1){$\textbf{.}$};
\node at (-3,0){$\textcolor{red}{\infty}$};
\node at (-1,0){$\textcolor{red}{0}$};
\node at (1,0){$\textcolor{red}{t}$};
\node at (3,0){$\textcolor{red}{1}$};
\draw[red] (-3,-0.3) circle (0.07);
\draw[red] (-1,-0.3) circle (0.07);
\draw[red] (1,-0.3) circle (0.07);
\draw[red] (3,-0.3) circle (0.07);
\draw pic at (0,1)[rotate=110,scale=.75 ] {mylobe};
\draw pic at (0,1)[rotate=140,scale=.55 ] {mylobe};
\draw pic at (0,1)[rotate=-140,scale=.55] {mylobe};
\draw pic at (0,1)[rotate=-110,scale=.75] {mylobe};
\node at(ell.190)[above right]{$\gamma_\infty$};
\node at(ell.230)[above]{$\gamma_0$};
\node at(ell.310)[above]{$\gamma_t$};
\node at(ell.350)[above left]{$\gamma_1$};
\end{tikzpicture}
\end{document}
It should be noted that my solution can play well with that of @GonzaloMedina, in which one can draw the main lobe picture mylobe/.pic using the method of control points, thus cutting about 75% of the effort compared to not using a /.pic.
\draw (a) -- (b) -- (c) -- cycle;the path will be closed. If you say\draw (a) -- (b);then\draw (b) -- (c);etc., it will not. Try drawing the path as one instead of doing it in pieces. – cfr Jul 13 '15 at 23:57