Don't freak out, that'll hurt more than help.
What you need to do first is get it out of the water (which I'm sure you have). Now, you've stated there is oil on the dip stick, that's good. We have to go over fluids to determine where it came from, I think I already know, but lets go over a few things. The 255 SCIC has a closed loop and open loop system. Your motor in specific has a typical cooling system with anti-freeze (or summer coolant) in it. So, if what you saw in the hull was water, then you know your motor is fine. So, now you can stop sweating. The vibration before the rear dropping into the water suggests you've probably split a water hose from the pump to the motor.
Where did the water come from. Your exhaust system is cooled by an open loop cooling system. Which means, it picks up water from your pump and sends it to your exhaust to cool the gases, then is discharged through your pipe. The intercooler for your supercharger also uses water from this system.
What you need to do now is find out where it came from. If you've eleminated typical sources like leaving your hull plugs out, or any damaged area of the hull, your thru hull seal at your drive shaft, then I'd recommend you hook the ski up to your water hose. Turn the water on and start looking with a flashlight and mirror around your water inlet hoses from the pump, and around the exhaust system. I've seen flooded hulls from the exhaust manifold gasket blowing out, leaking your water into the hull, verses out of the motor.
Remember, start your motor before turning on your water. If your exhaust gasket is blown, water pressure could be greater than your cylinder pressure and put water into your motor, so make sure you start the motor before putting water on it...... But, as long as the oil on that dip stick isn't yellow, the problem is not engine related.....