It is possible this is linked to your circumcision - skin and whatever else that would have developed naturally has been disrupted and developed in the manner that you see.
It is possible you have several imperfections going on in the same location - to do anything about this you would need to see a urologist, they would discuss treatment options such as surgical removal, or potentially freezing it off - or indeed, diagnose whether there is actually something else going on
Thanks for your original response! Doc said its a cyst and needs to removed thru electrosurgery. Should I go for it?