OK, you want to start at the road that leads up to the Stormhold fortress. Just before you enter the keep itself, you will see a blue lightning covered sail thingy on the right side of the gate. Take the path to the RIGHT of that gate, and you'll come to a cliff that overlooks a cove with a big ribcage in it. you want to jump off at aiming for the two biggest ribs in the ribcage, but DON'T JUMP YET!!
You have to be in The Black Strand, not Stormhold, so make sure you edge to the right of the cliff, just to the just the the tippy pointy bits get a bit darker, just before you fall off the map will change to The Black Strand and you're at the right place. If I ever figure out how to insert screenshots I'll put some in to show exactly where to stand.
Now, mount up, because otherwise you'll hit the rocks at the bottom and you can't get a run up to jump in. It seems to be really touchy about where your feet leave the ground at the top. 12645:5750 is where I stood to get my two step and jump into the water.
Actually, the 12645 5750 coordinates above are wrong. You need to be standing at 13915 7444 and it will say Black Strand. This is the lower level of the jagged rocks. Face slightly right of the point at the tip of the rock. Mount your horse, take a few steps back, run and jump out into the water below.