1. Open a new document (i used 300x300 - white background) any settings will do.
2. Select the Gradient tool, and use these options:
3. Now click the middle of the document using the Gradient tool, and drag outwards 1/4 of the document size. You should get something like..
4. Click Filter > Distort > Ripple (amount:850% size:medium) hit enter and your done.
More Tutorials: 
