I was actually asked this riddle like an hour ago. I answered water, since it made the most sense to me. But, after thinking a bit, I changed to my answer to "YES, WATER". Now I'm googling it and just came across this thread and thought I'd add my own thoughts.
It IS NOT "I can't" or "No"....because the last line is "CAN you GUESS the riddle?" not "CAN you SOLVE the riddle"...if anything the answer would be "Yes, I can" since anyone can take a GUESS as to what the answer is, I mean I did, so the answer obviously isn't NO.
Oh, and to why I thought water, reasons similar to someone else here:
I turn polar bears white (to camo with snow, which is water)
and I will make you cry. (I cry when it rains, haha)
I make guys have to pee (duh)
and girls comb their hair. (after a shower)
I make celebrities look stupid (make-up running)
and normal people look like celebrities. (wet hair does wonders)
I turn pancakes brown (When the water evaporates the sugar will burn turning the pancakes brown)
and make your champane bubble. (CO2 won't make bubbles in champane if there is no water, don't believe me, just stick some CO2 with salt in bottle and see for yourself)
If you squeeze me, I'll pop. (bubbles)
If you look at me, you'll pop. (bubbles, reflection of one's self)