Once one arm crosses what I'll call the lower bound (at roughly 80+ degrees from the bar being parallel to the ground), the water empties so rapidly that the tube filling up is not nearly fast enough, so the pendulum tilts back to the other side.
There is also an "upper" bound on each side, which is during the filling phase. If the arm doesn't switch sides and "stops" roughly within, say, 15 degrees from parallel, the water will fill up to the point that it will become so heavy at that side that it will tip, satisfy the lower bound, and switch sides.
Otherwise the "current" side will oscillate between those two bounds until it breaches (usually) the upper bound.