It's a basic ice tree setup for simulating muddy fluid surface.
It has a smooth deformer in the simulation stack and the deformer connected to weightMap. Geometry's corner edges didn't painted with weightMap so when you play the animation the actual geometry doesn't shrink.
You can download the compound below.
This 'Making of Milk' demonstrates a rig for computer generated ocean and water waves used for the 'Milk' spot by Psyop. In particular the creation and animation of linear and radial waves types. The surface of the water is additionally being deformed by 'Tessendorf's Waves'. Thanks to Andreas Gebhardt for importing those into Softimage XSI.