Create a new one in "Disk management", if you like.
Right click “My Computer” to select “Manage”=> Choose “Disk Management” => Right click the deleted local disk and hit “New Logical Drive” on the list => format it.
Is there something important data on this local disk?
If there is, you could firstly apply a partition recovery freeware
to get back your data inside it and then create a new one to replace it. (This freeware always works well since it has helped my sister recover her inaccessible data back. You could visit it there: -http://blog4mark.blogspot.com/2012/12/recover-deleted-partition.html)Important note
: You should carefully manage your partitions in case of similar problems.
You should always remember to make a data backup in the future.