If I remember correctly; the crank handle is held on by a set screw...loosen that and the handle will slide off (carefull, there is a plastic washer and spring under compression to keep the topside parts pulled down to the O ring). Once the handle, spring and washer are off, from inside, the mast, gear, plate, etc., pulls up from the roof and the O ring is just laying there in a groove for it. Replace the O ring, slide the shaft, gear and mast back down on top of it (after liberally coating it with silicon) and then re-attach the washer, spring and handle on the inside. Done. Here is a link to the Sensar repair parts listing where you can download a detailed blow up view of all the parts. You can see in the diagrams how all the parts relate to each other and how they assemble:
Sensar repair parts listing
Now, a recommendation. Lots of folks use the spray on type silicon and if you are just going to loosen the assembly, I would also. However, since you are going to be taking it apart to replace the O ring, I'd get some plumber's faucet silicon. It is a very thick paste/thick syrup formula with a lot of "sticky" to it. It holds up extremely well and provides even more waterproofing ability than spray on silicon. I use it in place of spray on silicon wherever I can. It was designed for plumbers to use in repairing faucets to proved the slickness of silicon with the water proofing ability of plumber's paste. Good stuff. You should be able to find it in the plumbing section of any good hardware store.