1) The player must be in water and against a wall that is 1 block higher than the water.
2) When attempting to exit the water via jumping, the player must attempt to cross the block seam at the height of his jump (I have not been able to replicate the bug without moving between 2 blocks during the jump) , while also holding the direction keeping him against the wall (i.e. If the wall is behind the player, hold back. On his left, hold left.).
3) The player must then release the jump key before reentering the water. If done properly, the player will "jump" on the water.
This behavior persists following 2 conditions:
A) The player must hold the direction in order to be against the wall (Note that it is possible to switch this direction (Shown in the second video @ 0:11 by switching from back to left) so long as the player is jumping during this switch).
B) The player must not hold jump when reentering the water.
Given that it is difficult for me to properly describe the setup and effect of the bug into words , I have created 2 unlisted YouTube videos showing the bug here: