I had a similar problem in Cozumel this January (2009).
I checked my reg and found it to be breathing perfectly fine, so I drained my BC and started a head first decent to the bottom. On my first inverted breath I got more water in my mouth so I surfaced and had the DM check my tank to see that my first stage was seated properly and that there was an 'intact' o-ring on the tank.
Everything checked out, so I hit the water again and decended foot first to the bottom. The decisicion to change to a foot first decent was totally unconscious, and at this point I was assuming that the first stage had not been seated correctly.
I immediately signaled the DM that I was aborting the dive and I surfaced and got back on the boat.