So, this begs the question? Did we see a tornado? Isn't a waterspout just a tornado over water? The answer is... kind of.
WATCH THE VIDEO ABOVE FOR AN EXPLANATION OF WATERSPOUTS
It all depends on how that waterspout forms. Typically, waterspouts in our area are usually NOT from supercell thunderstorms. So, if it formed as a waterspout over the lake, it wouldn't continue on land as a tornado. Waterspouts weaken as they approach land.
That kind of waterspout is a non-tornadic waterspout, which happen when there are no thunderstorms in the area, most likely forming from cooler air aloft moving over a warmer lake. That temperature difference can sometimes cause rotation, and a waterspout. Keep in mind, most waterspouts are much weaker than their tornado "cousins."
Of course, sometimes a supercell thunderstorm can spawn a tornado over water. If that happens, then we do have a tornadic waterspout and simply a tornado over water. It's likely this waterspout will be much stronger than a non-tornadic waterspout and will likely continue as a tornado once it reaches land.