I downloaded the new snapshot to test the new generation speed optimizations, I made a new world, spawned in water and this Is what I saw (attached screenshots).
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Please do not mark unreleased versions (anything starting with "Future Version") as affected. You don't have access to them yet.
I'm having the same issue along with a similar one effecting ice. Here's an image of it. http://i.imgur.com/DsmThQE.png