Everything in the text and context points to Spirit baptism.
There is one body, [here is your first clue]
and one Spirit, [here is your second clue]
...one hope of your calling;
One Lord, [here is your third clue]
one faith,
one baptism, [Spirit baptism]
One God
and Father of all,
who is above all,
and through all,
and in you all.
The Bible is crystal clear that it is Christ who baptizes WITH the Holy Spirit. This is the gift of the Holy Spirit, which is internal. The Bible is also quite clear that the Holy Spirit baptizes believers INTO the Body of Christ. The Bible is also quite clear that water baptism does not save anyone. But there are other passages which speak of water baptism and its importance.