Easiest way to check for water in the fuel (all Ethanol fuel contains water) is to open the bowl bleeder screw on the base of the carb, and let it flow into a clear glass jar. Let it sit for an hour, and you will see if there is SEPARATED water. If it is a FI bike then pull the fuel line off the throttle body, and let the fuel flow into a jar.
Ethanol attracts water, and can only hold so much in suspension. After that point it is water.