I had a similar dried/cracking sealant in the gutters on my County.
Scraped out the old sealant and resealed with Sikaflex 227.
Only comes in black or white, so you'll need to paint it if you're concerned about cosmetics.
I ran some masking tape along the edge of the roofline, then in with the Sika and smoothed it out with a rounded spatula followed by finger wet with detergent/water mix. Came up pretty well.
Since you've got a steel roof, you might want to use a bit of rust neutraliser before you put the new sealer in. Just make sure its REALLY dry before you seal it or you'll just be sealing in the moisture and it will all turn to turds in a couple of years.
Steve


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