Last night I spawned in as a new character after the wipe from patch #2. I was fortunate enough to spawn near a pond so I began drinking and planned to do so until I got the green "Well Fed" message. My character did not have yellow thirst when I spawned in, so I wasn't able to get the "Your Thirst is Quenched (etc.)" message. I literally kept drinking for at least 20 minutes and never received the "Well Fed" message.

Just in case I wasn't waiting long enough, I started counting about 20 seconds after clicking "Drink Water" before I would do it again. I understand that there is no animation or sound feedback for this currently, but I did notice that if I started drinking when I was standing, my character would crouch down when I clicked "Drink Water."

Even after going very slowly and drinking tons of times, I never got the "Well Fed" message and eventually gave up.