Ds had one on his penis when he was 6 years old so off we went to the doctor.
The doc said they can get them in so many ways. One of those is by sitting on the bedspreads in hotels/motels (they don't wash/change those daily) because people frequently put their wet towels/bathing suits/bath towels on the beds. The germ that causes them has a great place to set-up housekeeping. Along comes a person, sits on it without clothing, voila, you have it.
Ds swears he'll never sit on a bedspread naked ever again!
Anyway, the doc said wait and watch. We did that for a few months and then ds said he just wanted it GONE. It didn't itch but he didn't want anything on his penis!
So, back to the doc. He injected a tiny bit of a local anesthetic below the bump. Ds didn't even flinch (I did, though!!). Then he used an electric cautery and burned away the bump. Ds thought it was really cool to have smoke coming from his penis!!
A bit of antibiotic oinment and that was that. It scabbed over and healed beautifully. The doc said there might be a bit of bruising but there wasn't any.
I just asked ds about it and he said if he ever has another, he'd do it the same way again.