Rear seal coming apart.

On the left hand side of my rear axle the rubber o-ring is starting to come apart and some grease is leaking out of the housing. I had just put fresh grease in there for the first time this year about a month ago. Man…I really don’t feel like another "project" right now. I’ve been through it with this thing lately.
How serious an issue is this?
& Should I stay off it until it’s fixed?

Rear seal coming apart.

On the left hand side of my rear axle the rubber o-ring is starting to come apart and some grease is leaking out of the housing. I had just put fresh grease in there for the first time this year about a month ago. Man…I really don’t feel like another "project" right now. I’ve been through it with this thing lately.
How serious an issue is this?
& Should I stay off it until it’s fixed?