Do you love 2.0 style reflection? Somebody tell you, photoshop is needed to do it? Nothing true! Use The Gimp (the best open source image creator).
Let's see hot to do it.
Ho to procede
Create a new image using the prefered dimensions e background color. Past the image to reflect as new layer, or use the text tool to write your desire text (using Gimp any new text added is a new layer).
Don't forget to show the Layers tab, selecting it by the Dialogs menu.
Select the target layer and click on "Copy Layer" 
. Select the new layer (rename it if you want) and click on menu Layers >> Transform >> Rip Vertical.
Using the "Move" tool, drag the layer until the heightest side touch the bottom side of the parent layer. See the example below:
Now, always selecting the transformed layer, add a layer mask clicking right on it. Choose the first option in the dialog below.
Select as main color:
- Black for the FB (#000000)
- Withe for the SB (#ffffff)
Use the gradient tool 
with the FB to SB option selected and drag a line from bottom to up to apply it. Make differents test to get the best result. At the end you'll have something similar to the first image of the post.
