Twirl Effect

[Kalleheikki Kannisto]

Use the Time Displacement effect with an animated sine-wave based black-to-white wave as the displacement map (higher frequency than this):

It is good to have moving foreground elements and an unmoving background in the footage to get that look, as unmoving parts of the image will not be affected by the displacement.

Compose at 16 or 32 bits, 8-bit displacement maps look crappy.