I 've encountered this bug also (I also had a ice spike across my chest), and both disspeared after being hit by another arrow, a couple of hours later.
Mine just disappeared after getting shot again, so it seems that you need to get shot to reset things back to normal. Thanks Bethesda for ruining my gaming experience.
Got this bug as well. Didn't go away after restarting the game several times/fast travelling etc. Had to use the "sixchange" console command to fix it, oddly enough,
I had that problem to, I found that the arrow went away every time I slept, only to come back any time I activated a grindstone or something of the like. Honestly, a very, very odd bug.