To create a blobmesh from a particle system:

Click Create panel > Compound Objects > BlobMesh, and click anywhere on the screen to create the initial metaball.

Go to the Modify panel.

In the Blob Objects group, click Add. Select the particle system. A metaball appears at each particle in the system.

Turn off the visibility of the originating particles here:

You will see the particles in the viewport but not the render ... what you want in the end result is to only see the blobmesh, not the particles it is based on.

Here you can see how the size viscosity of the blobmesh is based on the underlying particles

The size setting here is ignored when using pflow.

the size setting that is in control is here, or wherever the particles are

Lowering the coarseness setting is where things start to look nicer

The settings are a balance between the size in pflow and the blobmesh evaluation coarseness, then, tension.

Right click properties for the blobmesh object itself to add object motion blur.

Tweak the setting in render scene/ renderer tab ... 1.0 duration

here is .1 duration

Last is the need for some material.

It won’t be water but something similar.

The IOR affects how shiny a material appears; or, in the case of transparent materials such as water or glass, the amount of distortion.

More on the particle flow

This is just where the particles come from

There is a sdeflector around the bottom sphere. This shows the blobs landing on the sphere. Below we have what happens on the collisions with each deflector individually. They both end at the same place. The point is to allow speed by surface to apply to the sphere so the blobs drip, but not have that event on the plane.

Here they slide a little on the sphere

This is just an instance of the previous force so it applies in this event too.

This is kind of the cool part, where the particles drip off the sphere ... the number of frames ...

The final collision, this is where everything stops, on the bottom plane or the sphere.

Now for the collision with the plane ...

this ends up at the same final event as the "sticky" event":