How exactly do you want to use this ellipse?
In any case, you can modify the FeynMF sources in a similar way as in How to draw oval with FeynMP?
(or use the mechanism pointed out by egreg in his comments).
Since FeynMF uses Metapost in the background you need to know how to obtain the ellipse first. Simply scale the circle with the parameters a and b (the code below can be compiled with mpost file.mp and it produces an EPS file.1)
u:=1cm;
beginfig(1);
def Ellipse(expr a, b) =
draw fullcircle scaled 1cm xscaled a yscaled b
enddef;
Ellipse(2,1);
endfig;
end;
The rescaled circle is mathematically equivalent to an ellipse.
EDIT: Using egreg's suggestion I defined an elliptical blob from within the latex file using \fmfcmd
\documentclass[10pt,a4paper]{article}
\usepackage[latin1]{inputenc}
\usepackage{feynmp}
\setlength{\unitlength}{1mm}
\def\fmfblobEllipse#1#2#3{\fmfcmd{vblobEllipse ((#1), (#2), \fmfpfx{#3});}}
\begin{document}
\begin{center}
\begin{fmffile}{lower_blobE}
\begin{fmfgraph*}(50,70)
\fmfcmd{input vblobEllipse}
\fmfrightn{r}{1}
\fmfleftn{l}{1}
\fmftopn{t}{1}
\fmfblobEllipse{.5w}{.5}{v1}
\fmf{fermion}{l1,v1}
\fmf{fermion}{v1,r1}
\fmf{photon}{t1,v1}
\end{fmfgraph*}
\end{fmffile}
\end{center}
\end{document}
The file vblobEllipse.mp:
vardef vblobEllipse (expr bd, a) (text vl)=
forsuffixes $=vl:
if not vexists $: venter $; fi
vlist[vlookup $]decor.shape := fullcircle xscaled a;
vlist[vlookup $]decor.size := bd;
vlist[vlookup $]decor.sty := "shaded";
endfor
enddef;
Where I defined only one parameter for the ellipse, since the overall scale does not matter for the shape.
This is the diagram one gets from the above:

However if you need to use ellipses together with Feynman diagrams (in the sense of side-by-side, and not as being part of the diagram itself), you can generate one ellipse using mpost with the original code from above.
x(t)=a*cos(t)andy(t)=b*sin(t)where0\leq t\leq 2\pi; I don't know aboutfeynmf, but this would be very easy inpgfplotsorPSTricks; let me know if you'd like to see such a solution – cmhughes Dec 03 '12 at 17:29