As of patch 1.5, I am completely unable to see underwater in Skyrim. It's not even that it's murky or dark - it's just a solid grey or green screen. I can still skim across the surface and see into deep waters, but if I go any deeper than that, nothing is visible. I can still access items like chests underwater if I figure out their location first (by skimming across the surface) and then point my character there and hope really hard that it gets me to the right place.
I was never able to see much underwater, but I at least used to be able to see small things like wood floating near a shipwreck. Now, there's just nothing. I am running the Steam version of Skyrim with graphics on Ultra High, with the high res textures DLC. I've tried disabling the high res textures (along with all my other mods) and it still happens.
In case it's relevant, my GPU is a GTX 560 Ti.
Does anyone have any solutions to this?