Guess I've always thought of toluene and water as being immiscible though toluene does have a very slight solubility in water, 0.05% at 25C per one MSDS. From that, I believe Henry's Law is generally considered to apply for toluene in water.
However, just looking on the internet, I find several references to toluene-water azeotrope but it appears it is in reference to reagent grade toluene that contains water and methods to dry the toluene further. Shows you how much I know.
Checking my trusty Perry's, there is a section on azeotropes that shows the minimum boiling point azeotropic mixture is 55mol% water in toluene (2 phase) at 84.1C, 760 mmHg. I believe this is referred to as a heterogeneous azeotrope as opposed to homogeneous (eg ethanol/water).