This was asked to made into a text tutorial so here it is.

[Step 1] Make a white to black gradient


[Step 2]Go to Filter>Distort>Wave and change the type to "Square"



[Step 3]go to Filter>Distort>Polar Coordinates and use the Default settings.


You should have something like this:


[Step 4] Duplicate the layer and Rotate it 90 degrees Clockwise and change the new layer to "Overlay"



[Step 5] On the 2nd Layer go to Filter>Distort>Twirl make it how ever you want, I picked 136 degrees.



Now you should have something like this:


[Step 6] Make a new layer and change the mode to "Color" and add a gradient of your choice.



[Step 7] Flatten the Image; Go to Layers> Flatten Image


[Step 8] Go to Filter>Distort>Pinch to depth to image.


This is my final outcome.

I'm having issues with step 2 in this tutorial. My distort menu is all grayed out except 'lens correction', I am running version CS2. Any suggestions?

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