Start out by drawing a circular object on your canvas. (I modified mine a little so that it looks little more like a drop.)
Set the Fill Color to #CCCCCC and the Stroke Color to #B1B1B1.
With your object still selected, change the Fill Category to Gradient | Radial. Then click on the gradient swatch next to the Fill Category and change the colors so that it look like the example image below (Color1 = #FFFFFF, Color2 = #CCCCCC).
Now we need to add a bit of a shadow to bottom inner part of the drop. To do this, select your object and apply a Shadow and Glow | Inner Shadow – Live Effect. Make the settings look exactly like the example image below.
Now we need to make the hilite reflection. To do this, clone your base object (CTRL + C, CTRL + V) and set the Fill and Stroke settings like the examples below.
Don’t forget to delete the Inner Shadow Live Effect. Now transform this object so that it is about 65% of its original size. See my example below.
Move this new object to the upper left portion of the underlying object. See example. Then draw another really big oval so that it overlaps this object like the example below.
Use the Pointer Tool , hold down the Shift key, and click to select both of these objects so that your canvas looks exactly like the example below.
Now go to Modify | Combine Paths | Punch to cut the hilite to a small sliver.
By using the Subselection Tool you can modify the anchor points of this new object so that the edges aren’t so sharp. This is an optional step but it may yield nice results. This is what my anchor points look like (see example below):
With this hilite layer still selected, change the Fill Category to Gradient | Linear. Change the gradient direction so that the Fill Handles look similar to my example below.
Now click on the fill swatch next to the Fill Category to edit the gradient colors. Change both colors to #FFFFFF and change the top right Opacity slider to 25%. See example below.
Now let’s make the shadow. Draw a circle that has the exact same width as your drop object. Mine was 56 pixels so I held down the Shift key and dragged out 56 pixels.
Now hold down the CTRL Key and press your keyboard’s Down Arrow a few times so that this circle moves behind your drop object.
Press the Down Arrow a few more times so that your canvas looks like my example below.
With this circle still selected, change the Fill settings/Fill Handles so that they look like the example below. The radial gradient is #FFFFFF to #000000 and the opacity of the entire object is set to 25%.
This is what your image should look like:
This is what my final image looks like. I added a background texture to my canvas and the main drop object. I also added a tiny alternate reflection point.