Create a new file in 16 RGB mode. Create some text with the type tool.
Layer->Type->Render Layer.
Layer->Duplicate Layer.
Pick the new layer as your current editing layer.
Edit->Fill.
Use: White
Mode: Multiply
Filter->Blur->Gaussian Blur. ( In this example "Radius" was set to 1,4 pixels.

Filter->Distort->Polar Coordinates.
Options: Polar to Rectangular
Image->Rotate Canvas->90 CW.

Filter->Stylize->Wind.
CTRL + F or Filter->Stylize->Wind again.
Image->Adjust->Auto Levels.
Image->Adjust->Invert.
Filter->Stylize->Wind.
CTRL + F or Filter->Stylize->Wind again.

Image->Rotate Canvas->90 CCW.

Filter->Distort->Polar Coordinates.
Options: Rectangular to Polar.
Set Layer Mode to Hard Light.

Image->Adjust->Hue/Saturation.
Check the "Colorize" checkbox and play with the settings of "Hue" and "Saturation".
In the example to the right Hue was set to 32 and Saturation to 79.