You need to go through a number of steps to get it back into prime condition, Dave. Essentially, you need to get the mud out first, the water out second, and the oil in third. I suggest a pressure washer carefully applied as the first step. Don't go blowing the air cleaner to pieces, but remove the covers and wash it clean, including getting the mud out from behind the flywheel and around the crankcase seals and the clutch. Don't worry about getting water in the crankcase, you have to wash the mud out of there too. Also, the carburetor is going to have to be dried out, so take it off for separate treatment. Once everything else is clean but wet, you start the drying process. Tip the water out of everywhere you can. Don't try to spin it over at this point though, it probably won't have an oil film yet. When there is not enough water left to pour or shake out of anywhere, I personally would squirt some soluble oil in through the intake port, shake it around, and rotate the engine, which will coat everything with an emulsion of oil and water. Do the same with the chain oiling system. Then tip out what you can of the emulsion and put in some more soluble oil, and spin the engine with the starter. Repeat until the oil comes back out looking like oil, not milk. That will have removed nearly all the water, and will have left enough oil film to keep anything from scuffing, if it hasn't already scuffed. Now it is time to dry out the external parts including the ignition system. This is best done by putting the whole machine (except the carburetor) into a stream of warm air for a couple of hours. Spend that couple of hours cleaning out the carburetor, blowing compressed air through all the passages and chambers until all the water is out. Reassemble the carburetor carefully. When the rest of the saw has finished drying, work some two stroke oil through the crankcase and cylinder, and some bar oil through the chain oil pump, so the right oils will mix with the soluble oil and remove it when the oil sprays out as you spin the engine with the starter. Then oil the chainbar itself, reassemble everything, test the spark, fill with fuel and chain oil, and fire it up.
