Russ is likely "mostly" correct!
It's highly likely the oil seal has slipped down the pump drive shaft, but unlikely that it has actually "failed".
In the vast majority of cases, in fact every case I've encountered personally, which includes having a seal "slip" on my own MC21 years ago, the seal can be carefully cleaned and degreased, and then pressed back into place for years of further service.
Personally I now recommend using a very light smear of RTV sealant on the outside of the seal to help act as a bonding agent once it's pressed back into place. Whilst the seal on my MC21 never actually dropped clear of its housing, I only pressed mine back into place (no additional sealant to "glue" it in position), and it's been sound for some 15 years now!
The seal is actually a strange size, and not available from Honda. A search should reveal some posts that give information the size of the seal and ideas where similar items can be purchased.
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Andy.
NSR-WORLD.COM
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