First try the penetrating fluid of choice, letting it soak, add more, soak more etc.
If that fails and you want to save the bolt and the spacer apply lots of heat to the spacer and an impact wrench to the bolt head while stopping the spacer from turning (giant vice grips or ?) also consider welding a bar to the spacer as a handle (grind it off later).
If you don't care about either the bolt or the spacer cut the one you don't care about. Suitable length and threading bolts are available (just need to cross drill for the cotter pin) and it should be a simple job to turn a new spacer. In my case, I chose to grind the head off the bolt, remove the bolt and spacer from the cab, drive the bolt out of the spacer and buy a new bolt that I'll have to either cross drill or use a self locking nut on. I also plan to grease the shaft of the bolt heavily where it passes through the spacer to delay the next round of rust welding it together.
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