I've had this inflamed ring right below the head, mainly visible when erect. it can vary in size and inflammation. I've had the doctor look at it and they believe it was balantis but it will not go away. recently, the left side has gotten larger and it almost looks bubbly. It has never hurt or gotten irritated, just a little dry at times. 
Side effect of circumcision… if its not hurt, I would not do anything…
I’ve never had issues until about a year ago. Can those side effects take place 26 years after a circumcision?
There are many reasons for a penile edema… here i would say that it is related to a circumcison… Your body changes at any time in life… If you have no problems like pain or disorder, i would do nothing… it could of course also come from another illness. I can only rate the image and description.
Dear ds1951,
You have a penile lymphocele (Google this). Nothing serious!
It is a firm snake-like swelling that appears on the shaft of the penis after prolonged or frequent erections (i.e. following lots of sex or masturbation). It happens when the lymph channels in your penis are temporarily blocked. Lymph is a clear fluid that forms part of the body’s immune system. With rest (i.e. no sex/erections!), the swellings should soon subside and will not cause any permanent problems.
It has NOTHING to do with getting old or having a circumcision, but a lot to do with having lots of sex or having prolonged erections!
Happy Easter,
Adhari.