For the Simulation Techniques Project I dealt with bubbly water. As the focus was on research, the implementation is quite basic to demonstrate the technique.
The video shows the creation of bubbly water. Different parameters are changed to create different results.
Reference for the technique used (not all aspects of the paper are implemented):
Kim D., Song O.-y. and Ko H.-S., 2010. A Practical Simulation of Dispersed Bubble Flow. In ACM SIGGRAPH 2010 Papers, SIGGRAPH ’10, New York, NY, USA. ACM, 70:1-70:5.