Make a Submarine in a Bottle
Make a submarine in a bottle that rises and falls at your command!
When you squeeze the bottle, the air bubble in the pen cap compresses (gets smaller) When that happens, more water gets in the pen cap and the cap now weighs more (from the water) and so it sinks. When you stop squeezing, the bubble gets bigger again, the water is forced out of the cap, and the pen cap rises.
If it doesn't work: play around with the amount of clay and be sure the bottle is filled to the very top before putting on the cap.