There is no type putty that I know but you might try the Box store, Only way to fix that is solser it are cut piece of the pipe out and use a new nipple and cut thread on existing pipe and put back together with a union, of course the Box stores might have and easyer way but I am telling you the Plumbers Way.
like Cin said, pipe dope or teflon tape are the only materials used on threaded fittings, plumber’s putty is only used for setting fixtures on porcelain/metal such as sink basins and faucets.