I had the same problem with my '87 mustang, tried putting vaseline on the bulb o-ring and it still leaked. I took the headlight out and pressure tested it, figured I'd go through the trouble and finally fix it right. Still couldn't find a leak so I popped the lense off, cleaned it all up and resealed it with a high grade silicone, reinstalled the headlight, patted myself on the back thinking I got the best of that stupid headlight. A couple weeks later there was enough water in the damn thing that when I hit a bump it splashed up the bulb (which was on) and broke it.
I finally gave in and drilled a very small hole in the bottom corner of the headlight and haven't had any water or moisture since. That was about 7 years ago.
C.