We perform variational Monte Carlo calculations to show that bosons in a rotating optical lattice will form analogs of fractional quantum Hall states when the tunneling is sufficiently weak compared to the interactions, and the deviation of density from an integer is commensurate with the effective magnetic field. We compare the energies of superfluid and correlated states to one another and to the energies found in full configuration-interaction calculations on small systems. We look at overlaps between our variational states and the exact ground state, characterizing the ways in which fractional quantum Hall effect correlations manifest themselves near the Mott insulating state. We explore the experimental signatures of these states.