This is very easily done with Text To Columns. This goes much faster than all the text I had to type to describe it. Start the Text To Columns dialog box (Data tab, Data Tools panel) and select Delimited and click Next, select the Space checkbox and in the field next to the Other checkbox, type your pipe symbol (|) and click Next, then select the first column in the table and click the "Do Not Import" option button, select the second column in the table and click the "Text" option button, then click the Finish button.
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