Generally if you get the water out right away and restart the engine it will be fine. I have done that quite a few times. Pull the plug, turn the bike upside down and kick all the water out. Wring out the filter and fire it up. Worst thing to do is leave the engine stopped with water inside since the water begins to rust the crank journals quite quickly. A few days with water inside and the rod journal and main bearing are toast. Cam.
