On July 25, 1999, at 1945 central daylight time, a Mooney M20B, N74523, was substantially damaged when the left wing contacted the waters of Lost Land Lake, Hayward, Wisconsin. The pilot was maneuvering the airplane at a low altitude when the accident occurred. The pilot and passenger were not injured. Visual meteorological conditions prevailed for the 14 CFR Part 91 flight. The pilot was able to fly the airplane back to the Hayward Municipal Airport, Hayward, Wisconsin, where an uneventful landing was made. The flight departed the Hayward, Municipal Airport at 1930 cdt, with an intended destination of Kenosha, Wisconsin. The pilot reported he flew a low approach over the lake and at the end of the approach he initiated a climbing left turn. He reported that as he rolled to the left, the left wing contacted the surface of the lake. The pilot reported glassy water and dusk light condition contributed to making "...poor visual referenced reducing...[his]... depth perception."