If my parachute fails to open, why should I aim for land rather than water?
If your parachute fails to open entirely you are almost certainly extremely dead no matter where you land, however occasionally people do survive. A partial failure of a chute is much more survivable. You will be coming down much faster than you would with a good chute, and you are going to get injured, probably badly. Think broken legs and arms with neck or back trauma. You may sustain a concussion as well, and you will certainly go into shock. 

If you come down in the water you will be injured and unable to keep yourself afloat, and it will be much harder to rescue you. On land help will be much closer and, and as @RonBeyer says in comments, you can't drown on land. 

Land has features which may help you survive: trees, vegetation, hay bales, crops, snow, and many other things may cushion your impact enough to make the difference between life and death. Water is the same wherever you go, and doesn't have nearly enough give to cushion an impact.