Wow that was a bad answer.
As exgineer has pointed out - atomosphere definetly plays a role here, but more than one.
however for now let’s ignore them for now
an object in freefall is, simplified, without gravity’s effects. Hence the same behavior would be observed in, say, a space shuttle circling the earth. The beer-mug (terminal velocity aside - which we won’t ever get into just yet) would be as well “weightless” and its existance can be safely ignored.
Along that line of thought - we can conclude that any bubbles produced in the middle of this “glob” of liquid will remain in the middle, not flowing up / down / whatever. (think space shuttle)
we are of course wondering about the bubbles on top. without any reason to go into the liquid, it would stay on top, but notice that bubbles are usually not perfectly spherical due to buyancy (a side-effect of gravity) when at rest. however in the absence of gravity, the surface tention of the beer will make all the bubbles round (if non collpses). since round bubbles requires more liquid in between the bubbles, the “line” where beer end and foam start will become less distinct, and move toward the bottom - in the other words the foam will become taller and thicker (but the total volumn - beer + air - does not change - so nothing overflows.
NOW let’s talk about the effect of atmosphere.
the changing air pressure as the beer goes down (it’s a fairly rapid change) will cause less bubbles to be produced, and the current bubbles to become smaller. assuming nothing happens except this force, smaller bubbles means bubbles are not as likely to burst. This is mentioned because if you take beer and rapidly decrease the environmental pressure in which it reside (bring up an express elevator, say), the bubbles will burst (become bigger until the film of beer that forms the bubble can no longer hold it), and many bubbles will hastily come into existence (think opening a bottle of soda).
the mug encloses the beer on three sides so they can be assumed the same terminal velocity (if the mug does not tip over). without accounting for turbulence and the low-pressure zone right above the mug (see above paragraph for the low-pressure zone), they will indeed become somewhat affected by gravity (or, at least, exhibit signs thereof) before reaching term.v and exhibit gravity’s full effect after reaching term.v.
these are really all the important factors that affect the beer and mug and bubbles (i mean, neutrinos are only SO important in this scenario). I have analized them separately, but together I am sure y’all are smart enough to draw a more complete conlusion.