When I was looking at a dropped chorus fruit I noticed that I could see through the water with an outlined texture of it. I tested some more items and found the same thing. Not all items dropped on the ground have this effect only a few. It also seems to only work at night. There are some images below with a few of them. I also supplied a list of all the items I tested
Dropped Item Effected

• Chorus Fruit
• Sunflower
• Wheat, Pumpkin, Melon Seeds
• Spruce, Jungle Saplings
• Lapis Lazuli
• Flint
• Redstone Torch

--I will continue to post more findings of this occurrence in the comments so check there. –
UPDATE
It Seems to effect all items that are not a full block at a certain angle