rust under bathroom sink handle

[dayexday]

it's only under the hot water handle and not the cold water handle. I removed the handle to have a look and here it is under the hot water:
http://www.flickr.com/photos/2916114...in/photostream
and here it is under the cold water looking how it's supposed to:
http://www.flickr.com/photos/2916114...in/photostream

Is there anything I can do to solve the problem?

Thanks, any reply greatly appreciated.

[MACPLUMB 777]

Yes buy a new faucet !

[Terry]

The odds of finding a replacement part there is slim.