http://static2.wikia.nocookie.net/__cb20111213030359/elderscrolls/images/6/63/Masser_and_secunda.jpg
Tears of Lorkhan's wife Kyne, crying over the corpse of her sundered lover.
It could be water, but it could also be something like the http://en.wikipedia.org/wiki/Lunar_mare - deposits of darker minerals in large plains.
Very little is currently proposed about life on Masser, so really it could be anything you want it to be.
Back when the Tatterdemalion mod was based on Masser we had a theory that the entire surface of the plane(t) would look like the flesh of a rotting corpse. Open sores, boils, hair follicles the size of trees, bleeding wounds, dry skin like cracked desert earth, exposed bone... Basically every death metal album cover you've ever seen.
More likely Mara.
http://www.uesp.net/wiki/Lore:Varieties_of_Faith...:
Jode (Big Moon God): Aldmeri god of the Big Moon. Also called Masser or Mara's Tear. In Khajiti religion, Jode is only one aspect of the Lunar Lattice, or ja-Kha'jay.
ir is simply more rotten in the dark spots than in the light spots. Or the other way around, depending on how you view lorkhan