Hi jae
The established way to determine water cut is to use and bypass sampler with a capacitance meter, this is quite accurate and is used for custody xfer and fiscal duty.
There's a lot of gen out there on pipeline sampling and determination of water cut (BS&W). Have a look out there. btw dont forget that at low flow conditions in a pipeline, water starts to slug flow or just run along the bottom. I could quote volumes on this topic, having been a specialist in this area.
Ultrasonic flowmeters have always been something full of eastern promise, rarely reaching expectations. At best they will give you an idea that you have some fluid flow, but you need to calibrate in situ by some means, maybe you have a tank, can measure level and have a stop watch - this may give you some quantitave info, but dont be too sure - expect +/-20%. This applies to many of the flow gizmos. O course the attraction is the non invasive concept, no hot tapping