Sealant for Wing to Fuselage Fairings

[MisfitSELF]

1984 M20J

My A&P and I, in a fit of "recreational maintenance" removed the curved fairing that goes between the fuselage and the wing, right at the leading edge.  We noticed that there was some red "gasket like" sealant along the inner edge of the fairing -- right along the rivet line.  Does anybody know what this stuff is?  Could it be Loctite Aviation Gasket Sealant?

Thanks,

 

Bruce

[Gee Bee Aeroproducts]

I suggest a non corrosive silicone 

RTV spec