Transport systems play critical role in modern day economies and are prime example of highly dynamic complex systems. Current traffic monitoring systems do not provide timely and granular information which could sufficiently meet system analysis requirements. Simulation augmented with virtual reality (VR) has emerged as an important methodology to model and analyze transport systems. This paper-reports our ongoing work on developing an open source road traffic VR simulator based on microscopic and car-following models, designed using Java Monkey Engine. Subsequent to a brief literature review on traffic simulations, we give a description of the simulator design, its functionality, and the driver behaviour models used in the simulator. We then simulate few interesting traffic scenarios and analyse traffic flow,speed, occupancy and other results produced by the simulator. Finally, we conclude and outline the future work.