Compact tabletop illusion can do it all! Change milk into confetti. Colored liquid becomes a colored silk. Switch silks to make a picture silk. Transform syrup to candy to pass out to the kids.
 
The real strength of this effect is that you can change a wet item into a dry one, with no muss or fuss. Of course, you can also use it to change a dry item into another dry item, or change any item (that fits) into another item.