You guys raised the same question I did, so I cut a piece off and examined it more closely this morning - you guys were right, it is not butyl it's discolored Dicor. It does feel like butyl, putty like, but it's Dicor that was applied in large amounts/strips and has taken on a dark gray appearance over the years. Suffice to say, I'm breathing a sight of relief! So Dicor touch ups I will do.
Thanks for chiming in so promptly folks as it encouraged me to re-check my initial findings. I've used Dicor before but the age, colour, texture and the amount applied threw me off - so now I know what it looks like after 7 years
Had someone work the roof last year, and this is my second season with the trailer, and it's my first trailer. So really appreciate it - great forum, great people.