If you have some Tea Tree Oil dab directly onto the spot - should help heal very quickly. But just onto the spot as can be quite drying if applied over a large area of skin. Tea Tree Oil is a natural antiseptic and I've read many times that it actually helps by dissolving the pus inside a spot which is what actually makes it feel sore.
Leave it alone. If anything, put a dab of Dan's BP gel or Neutrogena OTS on it and leave it be. The more you leave it alone, the quicker it'll shrink down and go away.
By all means, DON'T pop it! I just made the stupid mistake of doing that about 30 minutes ago and now I'm wishing I hadn't. I made it worse.
Use a penis health creme called Man1 Man Oil on that. Unlike the other lotions or ointments out there, this creme is made specifically for the penis skin. It helps with all sorts of issues, promotes healing and improves hygiene and skin condition. It's an awesome product for sure. Hope this helps.