I've always used water, cooking oil, flour and sugar (and food coloring).
A lot of people are afraid to do this because of the flour getting stuck in their hair. But after a lot of experimenting there's a couple things I've learned to prevent this.
1) Use enough oil, this keeps the flour from sticking too much.
2) Add flour to the water/oil mixture a little bit at a time and mix it in. If you add too much flour at once it will clump up.