Just use the layer opacity slider to control the transparency.
If you want to get fancy and you are using Photoshop CS6 or CC then go to the 3D panel, make sure you are looking at scene elements, you will see a cylinder layer. Make sure that layer is expanded (click on the black triangle next to cylinder), here you will see a layer named Cylinder_Material. Double click on that layer and you will find a control for opacity (transparency).
But really, just using the layer opacity setting is easier. |