Mark,
It will hold some water but not bad...I find that it is the under fur that absorbs water...I brush it out Of the Icelandic sheep before I Tie it in.....Icelandic and regular tieing wool are a little different in there make up..
John,I,ve been making those Rodents since 2001....It came to me one night while tieing up some flies.The fur on those is actually rabbit....The spinnerbaits I do are made with Icelandic sheep....I tie it forward on the spinnerbaits so it flares well....Nathan