As thie video shows (start from 1:00 mark), when a honey droplet drops it has this "spring back" effect. No matter how high the viscosity I set for Vellum fluid, when it drops it just drops.

Is Vellum not suitable for this and I need to use FLIP? Or is there some tricks that I've missed?

By "spring back" I meant this:

You try to use flip with high viscosity and surface tension, the surface tension could work for the spring back effect.