Yes there is.
On the Apple watch there is a Camera Remote App built in.
First open the camera on your iPhone and choose Time-lapse.
Then open the Camera Remote App on the Apple Watch - the icon looks like the corner of an SLR camera and it's Black and White.
You will see a preview on the Apple watch screen of wherever your iPhone camera is pointing and this updates if you move the iPhone.
There is a button on the Apple Watch screen to start and stop recording.
The iPhone and Apple watch need to be within Bluetooth range of each other.
Thanks very much for the clarification.
The Watch cannot steam video (when recording), but the Time Lapse feature can?!