By employing visible lightbeams as the non-intrusive information carrier, a large number of stationary and adiabatic annular flows with bubbles in the liquid ring and droplets in the central core were investigated by stochastic analysis techniques in two air-water loops. It is shown that the method is sensitive enough to be able to detect radial velocity profiles in the bubbly flow in the liquid ring and (or) the droplet (mist) flow in the central core, which manifest themselves by the appearance of more than one peak in the cross-correlation function (CCF).