Intensity inhomogeneity (IIH) and noise are ubiquitous in images acquired by a variety of imaging modalities, which pose an ongoing challenge for segmentation methods used in many applications. This paper proposes a level set evolution equation based on fractional derivative to address the IIH and noise issues in image segmentation, which integrates the information from the input and guidance images. The proposed model is a linear diffusion equation of level set function with nonlinear edge-stopping and guidance sources, in which the edge-stopping source is derived from the input image and a local statistical model (Bayesian formulation) in the level set framework, whereas the guidance source is derived from the guidance image and the fitting term of the popular Chan-Vese model. The guidance source ensures swift contour movement toward the boundary of the objects and enhances the robustness to noise and contour initialization, while the edge-stopping source is used to stop the evolving contour on the boundary of the objects later in the evolution. To tackle the challenge of obtaining accurate guidance images for many applications, an adaptive variable-order of fractional derivative robust to IIH and noise is introduced to generate the desired guidance image from the input image. The proposed diffusion equation with sources is solved numerically by the series splitting method and finite difference scheme. Experimental results on synthetic and real images show that the proposed model has higher performance in terms of accuracy and efficiency of segmentation, compared to several state-of-the-art level set models.