The narrative is a bit defective. There was a bucket at each end of the rope. When he went rUshing to the bottom of the well, he grabbed the top bucket - so that his fall caused the bottom bucket ('the other bucket' to rise. So 'real water' is just that - the actual water that he could have pulled up from the well. (I haven't come across such a 'dual-bucket' well, but the use of the phrase 'the other bucket' implies that it was one.)
b

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