Move the cursor over the camera to see the waterfall with a short (fast) exposure - 125th of a second. Move the cursor away from the picture to see a long (slow) exposure - 1/8th of a second. With a longer exposure, the moving water blurs causing the milky, flowing effect.

Which version do you prefer?

For long exposures (slower than 1/60th of a second) you need a tripod or else you need to brace your camera on a rock or tree to hold it steady. With a telephoto lens, you need to steady the camera even at faster shutter speeds to avoid blurring the background.