I made my first walnut stain with water; it started smelling and later developed a mold on top of the stain. My stain has all of the crushed walnut pulp in it, I didn't strain it.
I scooped off the mold, added about a cup of denatured alcohol to the jar and stirred everything up, 20 years later I still use the same qt bottle of stain. I initially poured my stain into a plastic instant coffee jar with a lid, even well sealed the liquid will evaporate over time, I just add more alcohol to the mush when I want to stain something.
I apply the stain pulp and all and wipe off the pulp after the wood takes the stain.
I like the color; it looks good on hickory and arrow shafts. The first picture is my almost dried up stain before I refill the jar with alcohol. In the second picture I am testing the stain to see if I can use it on my M/L ramrods. The third picture is an arrow shaft that I stained with my homebrew walnut stain.