First you need to identify if ‘what is going on’ is on top of the normal level of skin or underneath:
If it is a penile cyst you will feel a pea sized object under the skin but it should feel quite pliable and not hard.
A wart on the other hand should be on top of the normal level of upper-skin - you should be able to carefully get your fingernails underneath the edges as it will feel to be a slight dome shape. A wart can feel hard and will not move very much
If you reply: do you masturbate frequently, and / or have your penis erect for a number of hours at a time. Or are you using any form of penile development / enlargement - as these can cause penile cysts?
Sorry for my late response but thanks for the reply!
It’s roughly pea sized (about 7mm) and I can roll it underneath the skin. Its not exactly hard, but it’s not squishy either (if i squeeze it it feels flexible).
I have been masturbating frequently. I’m not using any penile development or enlargement.
It does sound most like a penile cyst - they do link with frequent masturbation.
Try not to irritate it or further disturb it by picking at it, or scratching the area - this will only make it take longer to fade away.
Limit masturbation if you can, and if you masturbate for an extended period of time, try to restrict these sessions to be as infrequent as possible. You may need to think about grip for masturbation, try to avoid the immediate area if you think this could have been part of the issue.
It could take a few months or even the best part of a year to fade - so the more you take it easy, the quicker it will go. I did ask you about other possibilities of how you got this - for other readers who may use a masturbation device such as a fleshlight, I would suggest severely restricting the use of these to once per-week for a brief a period as possible otherwise you would further irritate a penile cyst