This is what we are going to make
As the title says we have to make it in 60 seconds. So lets start it.
Step 1. Make documents of 800px X 800px (you can make it of any size though ) with transparent background.
Step 2. Add clouds Filter.
Step 3. Add Difference clouds Filter.
Step 4. Press Ctrl+I to invert.
Now the imge will look like this.
Step 5. Make a new Layer with White(or any) fill color and put it under the first layer.
Step 6. Put Gradient Overlay on it.
Step 7. Adjust the previous layer’s Levels. to do that Image>>Adjustments>>Levels.
Step 8. Change this layer’s Blend Mode to Color Dodge.
And you get this. or the picture shown above.
Play with the Gradients and Levels to make this in any shape.