I want to have a part basically move freely with the water. And not just be stuck in a single position, as I’m using a lure for fishing, and want the lure to actually move, and not just sit still
Can see it bobbles, but once it comes to a stop, it doesn’t move, even tho the waves are going up and down
I see. I’m not a scripter but these are Roblox water mechanics so they won’t move with any object, NPCs or parts. Your best bet is to make a custom water mechanism that allows things to move freely in the water. I don’t see any other ways.
Hope this is a solution to your problem.
Play with the settings with roblox water.
You can also manually make the block more “buoyant” to float and ride the waves by manually altering the density in CustomPhysicalProperties
Even if the waves show they’re moving, they’re like client effects, faked and do not effect the object in any sort of way. Imagine it as a brick with effects slapped on.
If you want to get continuous bobbing effects, slap in a force that pushes it up constantly like bodyforce, that should retain its bobbing motion yet not effect physics too much.
IMO, i think waves are just something like mesh deformation effects, if you try to play with a small amount of water (Let’s talk about like less of 1 stud) you might see that sometimes you might not swim in some areas and/or might swim in some areas where you shouldn’t swim, which is caused by the waves making the idea that you can swim in that area, well, we call it “Hitboxes”, i think you know what is that, right? 
, i think that’s made to optimize Roblox, well, i just want to give a suggestion, that you could apply force to an object when it’s in the water, which might cause the wave effect, thanks for reading.