You have an infection going on - you will need to treat this and the bump will most likely fade within 2 to 3 weeks.
Do not try to pop it as this will potentially create a permanent scar.
Get yourself some LIQUID antiseptic that is for treating skin issues - dab some undiluted on the bump 4 or 5 times a day - after 3 to 4 days the bump should begin to reduce in size, when this happens continue to apply the liquid for 2 or 3 times daily, when almost healed continue to apply until the area is completely healed and looks like it was before.
The complication could be that you ALSO have a penile cyst, which although harmless, can take many months to fade.
You must treat the infection first, then see what remains after 3 weeks.
If it is not completely resolved in 3 + weeks, update your post here …