Hello,
It can be due to folliculitis, cyst or genital wart(caused by HPV infection).
Apply warm compresses,Neosporin ointment and calamine lotion and avoid messing with it.You can take anti-inflammatory pain killers like ibuprofen or acetaminophen. If the lump persists then it will be best to get it evaluated from a dermatologist.
It is very difficult to precisely confirm a diagnosis without examination and investigations and the answer is based on the medical information provided. For exact diagnosis, you are requested to consult your doctor. I sincerely hope that helps. Take care and please do keep me posted on how you are doing.
If you open this you may end up with more scarring than if a doctor excises it. I'd see a urologist if I were you. It is likely a benign cyst, but once in a while people get cancer there, so get it checked.