Hello everyone!
I was riding my bike through some shallow water with the flywheel exposed (poor decision) and it stopped running. The water was just to the bottom of the engine, barely touching it maybe.  I just checked on it today and it has no spark. I pulled the stator but there is nothing obviously wrong with it. Obviously water is generally not great for the electronics, but does anyone have any idea of what exactly might have failed as a first thing to check? Thanks in advance.

Clean the points.

As Mark says [clean points] & could just run black straight to the coil incase water's got elseware in the wiring plugs. Dry out the mag. Spray with something My mag has no cover & so far never stopped, but am avoiding water. I 'have' in the past, water blasted the mag then air gun dry & CRC without any problems. www.crc.co.nz/556-Multipurpose/6895-963e...0-86c6-3b6335d14c8a/ but i'm sure you guys will have better stuff.

Update: It was the points. Thanks as always Mark. I checked with the multimeter and the resistance didn't seem significant but I polished em up and it fired right up. I live to be stupid another day!