It depends on your budget, what sort of use you expect to put it through and the circuit it's going into.
Do you need momentary ON, or does it have to stay latched/closed for the time you want it on?
You can use a magnetic reed switch for either momentary ON or latched. No need to worry about waterproofing the switch as it operates by a magnet on the outside of the torch.
A piezo works nicely underwater. They are normally momentary but if coupled with a toggle circuit you can make them latch.
Plain old mechanical switches work. As long as you think about how the changing water pressure is going to affect them and also how to waterproof them.