Lumo or boil on penis

I have no clue what it is. Please help me out. Just got it today. Please help. I have attached a picture. ! It hurts a little when touched or squeezed.

image

Avoid touching it as this will only irritate it more and may increase in size AND take longer to heal.
There are two things this looks like: a skin infection that regularly occur on this part of the penile shaft, and a Penile Cyst - these are linked to pressure within the main body of the penis and are most often linked to masturbation