I got mine from Alaska Leather and you can take a towel or something and get it pretty darned dry if it gets wet from a rain or heavy dew.  I usually wipe mine down, then turn the towel to a dry side and blot it and I can't feel any moisture through my pants when I do that.

I ride a lot at night (I work 3rd shift), so it is nothing for me to come out and we've had a heavy dew or thick fog (which gets it pretty wet too), and when I do what I just described, the sheepskin is fine.  What residual moisture is left dries on its own once I get home and put it in the garage.

thanks for the answers.  I'll check out alaska leathers now...