What happens to water if you put into space while the water is spinning around like an empty circle? Or a round tube shape if you like.
According to classical mechanic when you set anything on a "spinning" motion it's required a centripetal force, acting on the rotating body, in order to maintain the body on its curved path; otherwise the body will just start moving in a straight line. In this case we are dealing with a fluid and not a solid object, but regardless the same principle applies. In fact you can think of a fluid like water as a collection of small droplets old together by the internal cohesion force of the droplets themselves.
Following this reasoning we can predict that the water is just gonna scatter outward.
Of course if you have some kind of torus in which the water is contained then the situation changes. In fact it's obvious that in this case the centripetal force will be provided by the container itself. Then we can have other complications, depending on all sorts of variables that you haven't specify in your question.