What you see here is a viscous drop falling into a less viscous fluid. Shear forces between the drop and the surrounding fluid cause the drop to quickly deform into a shape like an upside-down mushroom as it descends. The cap forms a vortex ring that curls the viscous fluid back on itself. As it does, that motion compresses the viscous sheet, causing it to wrinkle, as seen in the close-up in the bottom animation. Check out the full video here. (Image credit: E. Q. Li et al., source)