Right click on the Drop layer, select Blending options. Adjust Blending Options, just like in the examples below.

  • Draw light spots using white brush.
  • Copy and paste the layer with the drops several times.
  • Transform and move each layer.

  • Correct the form of drops in Liquify Filter.

And here is the result!

 

Part II. Animation Effect.

  • Open the image of the glass without drink.
  • Activate Animation Palette. Window > Animation.
  • Choose Layer > Video Layers > New Blank Video Layer.

  • Open the image of the glass with drink in new document.
  • Activate Clone Source. Window > Clone Source.
  • Choose Clone Stamp Tool.
  • Alt + Click on the image of the glass with drink.
  • Return to the empty glass document (New Video Layer2).
  • Choose Clone Stamp and Combine two images (Adjustments of Clone Source: Show Overlay and Opacity 25%)

  • Click on Show Overlay after combining.

  • Go to Animation Panel and apply Clone Stamp from below to the top in each frame. Switch frames using Select Next Frame button or move the current-time indicator to the next frame.
  • Click the Toggle Onion Skins button to enable onion skinning.

  • Create a new video layer for the bubbles. Draw the bubbles changing their location in each frame.

  • Add the bubbles

  • Add the bubbles over the liquid in each frame.
  • Select all layers.
  • Go to Animation Menu > Flatten Frames into layers.
  • Select Frames, go to Animation Menu > Make Frames From Layers.
  • Animation Menu > Optimize Animation, click Ok.

  • File > Save For Web & Devices
  • Select optimization options and preview optimized artwork.
  • Preset: Gif, Looping options: Forever. Click Save.

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