Signs of water (but still no water)

Hello,
In the v0.4 demo when I remove the island fragment programs then the demo and the editor will run.However there is still no water.
There are however some intressting stuff.

See these pictures :
At Water level :
http://i37.photobucket.com/albums/e52/calsmurf2904/pic1.jpg
Above Water Level :
http://i37.photobucket.com/albums/e52/calsmurf2904/pic3.jpg
Below Water Level :
http://i37.photobucket.com/albums/e52/calsmurf2904/pic2.jpg

So the water is at the correct position...however its still not visible.
Do you know maybe how to fix these problems so that I can properly see the water ?