Choose a variety of familiar objects from inside and outside the house (some ideas include cotton swabs, small rocks, a penny, a pencil, a plastic cup, an orange, a potato, a spoon, a leaf...) and, with your preschooler, carefully place them in the bathtub one by one.
Talk with your child about what you both observe using the words "sink" and "float." Separate the objects into a "sink" pile and a "float" pile and make some guesses with your child about why you each think some things float and some things sink. Collect some other objects and see if you can predict what they will do in water.
Were there any surprises?