How do i make my water not pink

I have had the same problem.

I Import the Standard Assets>Environment.

Under Standard Assets>Environment>Water>Water>Prefabs>WaterProDaytime select and drag onto scene. The round water object appears in the scene as a pink circle (mine is (16,1,16) in size).

The WaterProDaytime game object is added. In the Inspector it has components Transform, Water Plane Mesh (Mesh Filter), Mesh Renderer, Water (Script), material WaterProDaytime.

The material WaterProDaytime is pink. It has a Shader FX/Water.

The FX/Water Shader is the problem.

Find the FX/Water Shader in the Assets. It is found in Standard Assets>Environment>Water>Water>Shaders>FXWaterPro. Select this. In the Inspector it has Default Maps, Imported Object FX/Water.

Under Imported Object FX/Water there is Compiled code with a button "Compile and show code". If you click Compile and show code, I get multiple error messages, basically all the same:

   'unity_ObjectToWorld' : undeclared identifier     opengl 80
  undeclared identifier 'unity_ObjectToWorld'        d3d9    80

etc.

Double click the FXWaterPro icon in the Project folder you found above. This opens script FXWaterPro.shader in MonoDevelop. The first line of the script is:

    1  // Upgrade NOTE: replaced '_Object2World' with 'unity_ObjectToWorld'

Notice that the error messages relate to '_Object2World'. If you search the code for 'unity_ObjectToWorld' you will find it in only one place:

  80 float4 wpos = mul (unity_ObjectToWorld, v.vertex);

Just replace unity_ObjectToWorld with _Object2World:

  80 float4 wpos = mul (_Object2World, v.vertex);

Save the script (Ctrl-S). Go back to Unity and now your water is working!

Both WaterProDaytime and WaterProNighttime use the same FX/Water shader.