Lola does that too and it's gross, expecially when you step it. LOL
She's the only dog I've ever witnessed vomit water and then go back and drink more, vomit more water and repeat until the bowl is empty.
In her case it's no doubt from drinking too fast. I don't know if she was with-held water previously or what. But she drinks like it's her last drink. There's nothing medically wrong with her.. my vet said it's behavioural. I still can't get her to leave any water in her bowl, so I've resorted to giving her a drink every hour or 2. I'm hoping she will outgrow it.
She does it with her food too. But that was easily solved with a large rubber ball in her food dish.