You can replace, or you can do what I did...
As long as you have about 24 hours where you will not use the bike, then this is simple.
Go to anywhere that sells it, and purchase a tube of QuickSteel. It's a hardening putty that's impermeable after it cures. You'll also need a dime.
Use the dime in place of the sight glass and created a bead and a seam with the putty.
If you can mold play-doh, then you can do this.
Allow the seated dime and QuickSteel to cure for a whole day, then pour in your favorite brake fluid, bleed the brakes while you are at it, and you're golden!
I'm sure someone is going to mention that brake fluid eats everything and certainly it will deteriorate the putty over time... It doesn't. I had it on there for about a year, and that was 2 years ago. The bike's new owner got ahold of me not a week ago and I asked about the dime. It's all still holding and functioning perfectly.
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