The World's Hardest Riddle

Can you guess the riddle? 97% of Harvard graduates can not figure this riddle out. But 84% of kindergarten students were able to figure this out, in 6 minutes or fewer.

i'm challenging everyone to NOT use the internet for this problem, to those who do, please let everyone answer the question first before spilling the beans. Never got the answer until the guy who asked me this question answered it for me. =)

P.S.
its not time

******

I turn polar bears white
And I will make you cry.
I make guys have to pee
And girls comb their hair.
I make celebrities look stupid
And normal people look like celebrities.
I turn pancakes brown
And make your champagne bubble.
If you squeeze me, I'll pop.
If you look at me, you'll pop.

******