"Life Seal" adheres particularly well to aluminium and glass. If the old stuff is raked out and the glass and frame are masked prior to resealing a long lasting and professional looking repair can be achieved.
There are a number of equivalent products (polysulfide marine sealents) from Sikaflex and 3M which I would thought would do an equivalent job. Beware using 3M 5200, it's actually that good you can never remove it without destroying things - at least in my experience.