A Red Plane with Eyes (mite be sega genesis)

I dunno where to put this.. but Looking for this side shooter game. I dun remember the name. I think its Sega genesis cause that's all i remember playing. You play as a red plane, and others can join in with different colored planes and they have eyes and Its like a colorful cartoon world!!!I remember there's a underwater level ,where we have to dive into the water. Been googling and no dice.Please and Thx you :3