Here is a great way to make a reflection on any surface not just black on white.

Photoshop:
1. Select you text(or object)
2. Duplicate it
3. (CNTL + T) Right click "Flip Horizontally"
4. Position the text or object under the original
5. On the reflection layer, add layer mask.
6. Stroke a black to white gradient down on the layer mask
7. Boom there you go!

My video tutorial for all you visual learners