Hello,
From the symptoms it looks like a cyst. Since it is soft and deflatable it can be a cyst. The other possibility although less likely is of any spider vein or varicose vein of penis but this possibility should be thought of if the vein persists for a long time. Apply some warm compresses on the part and take some anti inflammatory drug after consulting your doctor.
If the symptoms persist then get an evaluation done by 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 dermatologist. I sincerely hope that helps. Take care and please do keep me posted on how you are doing.
still need a anwser bad =[