You should have respect for water, especially if it's in a pothole and you can't see how deep it is. Then you should try to avoid it at all costs.
If it's a stream of water flowing across the street from someone's sprinkers, you don't need to over-react. A motorcycle tire has a very small contact patch with the street, so aquaplaning is almost impossible at street speeds. The tires will cut through the water and maintain contact with the pavement. However, your traction will be reduced somewhat, so try to keep as much traction-reserve as possible by not making any extreme manoevers (panic stops or 'blip'-ing the throttle).
The best way to get a feel for driving on wet pavement is to go for a ride in the rain (away from traffic as much as possible). Wear waterproof gear and a full-face helmet, and take it slow and easy until you get a feel for the differences between wet and dry road surfaces.
Another possibility is to see if an MSF or similar course is being offered where they have the ability to wet down the street. The automobile club (ADAC or TCS here) have specially built tracks where they can flood the streets, and they also use water-fountains to simulate suprise situations. I think that they offer M/C courses for wet-surface skills, but I'm not entirely sure...
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