I have this 'lump' on the underside on my penis about 3/4 the way down.
Now it's been there for around 6 weeks and when it first appeared there were two of them, the other one was smaller and went away within two weeks.
I popped them both and puss and blood came out, but the one that has yet to go away does not really look like a pimple anymore. It has a firm feeling, looks oval shape (almost like a vain popping out of the skin) and because the skin is so loose on a penis I can feel it better. So when I pull my skin up and feel it, it feels like there is a cyst inside (like some round ovaly thingy). But it does have a pinkish red complexion.
Also I should note I managed to pop a bit of it a few days ago and a very tiny bit of pus came out, but it did not change things at all.
Now I had sex about 5 weeks before the two pimple lump things came along, it was all protected.
I wonder if you've got an impacted pubic hair in there... Of course, pimples are common on the penis as well. Not sure what to recommend here. Its obvious that there may be some infection there because of the puss you've been able to get out. You might try using hot compresses to see if you can bring more of that to the surface and get it out. Be aware of swelling, change in color and obvious signs of any infection or it getting worse. I'd say if this doesn't go away or end in another week or so...go see a doc and have it checked out. You really don't want to mess around with it too much, infections there are not something you want to have! Good luck and keep us posted.
I'd suggest just taking a hand towel (not one of the small face towels) soak it in warm/hot (but not too hot!) water and just keep repeating the process for a few minutes. It may take several times a day and for several days doing this depending on exactly what is going on, how deep it is and such. Good luck and keep us posted!
I went to the Doc and he said it was a skin infection, becuase apparently I didn't squeeze all the puss out of the boil and now it's stuck under the skin. He said it might take a couple of months to go away, but gave me some 'Hydrocortisone acetate cream' to apply 2 - 4 times a day and it should hopefully make the lump go down faster.