To begin with create a document of 1200px width and 900px height. Actually its up to you, how much space you require. If you are creating a logo then the document size would be much smaller.

Now write the text GLASSWORK. I have used the font "Myriad Pro" and font size of 150pt. Do not forget to cancel the stroke color.

Now right click on the text and click Create Outlines. Then again right click on the text and click ungroup. This will make each text to transform individually.

Now we will apply a gradient color to this text.Select the first five letter of the text then go to Window>Gradient(Ctrl+F9). Apply a gradient #EDEDED and #808080 respectively. Give an angle of 90 degree. Select the remaining letters and give it a gradient color.Set its angle to 270 degree. This will give a nice curved gradient between the letters

Now apply a stroke color to the text. Give a stroke of 2pt, keep the miter limit to 4 and align the stroke to outside.Keep the stroke color to white. At this moment you wont be able to see the stroke color as the background is white.When it is done group the entire layer (Ctrl+G).

We will now apply a drop shadow to this text, to do this go to Effect>Stylize>Drop Shadow. On giving the shadow you will notice the stroke just pops up from the text. Keep the mode to normal, opacity to 15%, X Offset to -2px, Y Offset to 1px and blur of 2px.

This is the result which we will be having after the entire above process.

Select the ellipse tool now and cover the above portion of the text. Give the fill color of the text to white and cancel the stroke. After this we will be applying a mask. To apply a mask select the group and copy it(Ctrl+C). Then go to the transparency panel and click on the blank space. Now go to Edit>Paste in Front (Ctrl+F). Then click on the left box of the transparency panel and set the blend mode to screen. We will see a nice masking across the text.

This is what we will be having after giving the text a mask.

After this we will be creating a reflection for this effect.Create a new layer, select group and its path from layer1 and drag the these into layer2. Now goto Object>Transform>Reflect and click horizontal. This will reflect the entire layer2 horizontally. Click shift and down arrow to nudge this text layer just beneath the layer1.

We will now create a mask for the reflected layer.First copy the entire layer after this go to the transparency panel, double click on the blank space, and then paste the layer into it(Ctrl+F). Select the rectangle tool and drag it across the layer. Now go to gradient panel, select the normal white to black gradient. Keep the type to linear and angle to 270 degree. Drag the black part closer to the white side of the gradient until you can see that the text just fades away.

Select the left box of the transparency button and and set its opacity to around 50%. Thus we will be having a nice cool looking glass text effect. You can now set a background as I have created in the beginning.

Hope you like this tutorial. Do post your comments, as it will help me to produce more illustrations like these.