I doubt it is the teak toe rail leaking but the deck joint itself.

On the deck joint once the damaged area is recored/fixed, I recommend cleaning out the deck joint with a narrow blade / putty knife to get out as much of the 5200 that you can access. Clean it with acetone and blow it out with an air gun. Tape the deck joint above and below to leave a clean line where you can apply sealant.

Get some of the Boat Life Liquid Caulk Sealant. This is a one part polysufide based caulk that is available in white, clear and black. It goes in as a liquid and skins over so you can shape it over the joint using your finger and mineral spirits.

If you want to reduce future maintenance work, scrap the teak toe rails and replace them with a synthetic such as Star Board.