When you jumping out of water and using any of the emotions, you can stay, walk or sit on the water.
I was able to replicate the same issue, but also I'm able to get my character walking on water in a couple of other ways.
What is happening:
Edges collisions that should just stop the player can be exploited to get the player to walk on water.
What should be happening:
The player should simply be stopped (or should be shifted onto land potentially, in some cases)
Steps to reproduce the issue:
I Ponydale, I found that the consistent way to reproduce with bug was to walk straight forward into an edge that will stop you from moving (this includes all invisible boundaries at the ends of the rivers), while in the water, and then to turn right around while still holding down forward.
There also seems to be a spot in Ponydale directly under the fishing pole by the fishing doc that seems to be treated like a lands-edge. Finding that spot and simply walking through it causes the player to walk on water.
Game client version:
64-bit, Windows 10.
It looks like the video isn't working for some reason ... GDrive link: