Does not penetrate far at all. You will most likely turn it away on your project. What I do when I get blanks like that is to scrape off what I can on the side grain. I don't have any idea how wet or dry they are when I get them. Scraping the side grain speeds up the drying. Then I either put them on a shelf and forget about them for a year, or I weight them and check the weight frequently until it stops losing weight. Then I know they are dry enough to turn.
I've talked to several dealers about how to know if the wood is wet or dry and they don't know either. Could be sitting on the docks for months at their source of origin or they could be cut and shipped in a week or so. so your best bet is to assume they are wet and go from there.