Scoop out the flesh of the avocado into a small food processor. Process until it is mostly smooth.
Once the avocado is smooth, add everything but the water and mix until just combined and smooth.
Next you add water to get to your desired consistency. To make a thick dressing, but still pourable you need about 1/3 cup. If you want it more like a dip you could add less. If you want it light and able to drizzle you can add up to about 1/2 cup.