Spectator head turns water invisible

Disclaimer:

I don't know if this is a duplicate of a pre-existing bug report.

Description:

When player is in spectator mode, you can go into third person and see a transparent version of your player head. When looking in third person at an area of water with your spectator head in the way, the water disappears, causing an x-ray-like glitch.

[Video (File Size Was Too Large) -->|bug.mov]

Steps to Reproduce:

1. Fly Above Water
2. Go Into Spectator Mode
3. Enter 3rd Person
4. Look at Water Through Transparent Head

See Video For All Steps