Acrylic latex caulking (that is manufactured with a small amount of silicone in it) will provide good adhesion and elasticity. This type of caulking is easy to use, clean up and it has excellent weathering capabilities. Acrylic latex caulking is primarily used for interior and exterior painting to prevent moisture from entering surfaces and causing decay, sealing drafts to help enhance insulation or to help provide a smooth, consistent and better looking finish.
Before caulking is applied, all surfaces should be free of dirt, mildew, water and any other substances that would interfere with adhesion properties. Caulking should ideally be applied in temperatures printed on the tube. Most manufacturers recommend applying it at or above 5 degrees celsius. Complete curing time is 2 to 10 days, but can usually be painted within hours.
Silicone caulking products are traditionally not recommended for areas being painted because they have, up to now, been unpaintable. However new products are being marketed and advertised as 'paintable silicone.' This is ideally the better choice as you get the protection afforded from silicone caulking in a product that is paintable. Truly a superior choice.
A solvent based "roofing tar" type caulking and the true silicone caulking are excellent for sealing leaks. For emergency leaks, use specially formulated caulking that can be applied during wet weather. However, once weather conditions improve, the solvent based "roofing tar" caulking or silicone caulking should be reapplied for longer lasting protection. Solvent based caulking intended for use as a substitute for acrylic latex caulks should be avoided because they become hard and brittle. Always remember to check caulked areas annually, especially where leaks have been repaired.