I've always referred to them as water spouts or "water devils" (they are the same thing as a dust devil, but over water instead of land). I still haven't really been able to find the cause of them. I'd imagine they are caused due to conditions similar to those that cause a dust devil:
"Dust devils form as a swirling updraft under sunny conditions during fair weather, rarely coming close to the intensity of a tornado"
The largest one I ever saw, believe it or not, was at a learn to fish program at Green Timbers. It was easily 200 feet tall and around 40 feet wide. Lasted around 30 seconds and nearly pulled our tent into the lake, even with a number of adults holding it down. I've seen some smaller ones on other lakes as well. They can definitely have some suction, and I would never approach one. On odd occasions larger ones can pick up inflatables, etc over a short distance.
Just google water spout, or water devil and see what you can find! Even googling dust devils may get you some info you want!