I use daylight water in my project but by the default it has not got any waves or light tracing effects. But in some tutorials I see how the user add standard water asset and it has got beautiful world reflection on the surface and beautiful waves. Is this issue because that I am using not a PRO version?
From the documentation:
...while Unity Pro includes water with real-time reflections and refractions...
Yes, you need Unity Pro to do reflections. In this case, the waves are an effect applied to the reflections, not the mesh. So you'll need Pro to do the waves too.