The model depends of the liquid of interest and its behavior. You can find more information at https://en.wikipedia.org/wiki/Viscoelasticity . However if you are interested in micro-rheology I will suggest to use the Maxwell model.

It depends on the type of material and range of operating conditions such as amplitude of deformation, frequency. The best way to test the material for different frequencies and amplitude and see that which model is best.

I recommend you to study about fractional viscoelasticity. Actually, Maxwell model fails in simulating the creep behavior and Kelvin-Voigt model fails in simulating the relaxation behavior. Although, other models such as Zener model or Solid Standard model tries to present a better simulations with configurations of more spring and damper elements, but their related relaxation function or creep function are exponential, again, while it is shown that the best creep our relaxation function are power law functions, beside that Zener model and Solid Standard model have more parameter to be identified. I recommend you to read these papers:

Article Viscoelastic behavior through fractional calculus: An easier...

Article Frequency domain identification of the fractional Kelvin-Voi...

Hi Sudhanshu Aggarwal,

To be precise, it really depends on the system you are going to work on.

PS: a suggestion.

In my experience, the output of spring-pot models (Fractional damper, fractional Maxwell models, etc) is by far better than the Kelvin model and the Maxwell model. They match with experimental data perfectly and working with them is much easier than the ODEs models. In the attached tutorial paper, it is sought to provide

clear descriptions of this powerful tool, its techniques and implementation. Also, the constitutive equations of the different models are outlined in tables and compared. U might find it useful.

Article The Concepts and Applications of Fractional Order Differenti...