Ice it, take an ibuprofen, and don't pop it.

Some say ice, others say hot compress.

Personally i use a hot compress to try and make the cyst form a head, to reduce the life cycle of the cyst. If the pain is unbearable due to the swelling or pressure then sometimes i drain it. Draining is not the same as popping, you dont use too much pressure or squeeze the crap out of it. You use a sterilized needle. Others may know the method better as i rarely drain them to be honest.

Icing can sometimes reduce the inflammation permanently if you catch it quick enough, but usually for me it just temporary reduces it, and prolongs the whole process because it is inevitable that the cyst will form.

Also, if you do drain it please keep it clean to avoid infection. I rarely drain them.

If you are left with a red mark after, do not worry. That is hyperpigmentation and is not a scar, it will go in time (from weeks to months)

Other thing:

Haemorrhoid cream apparantly can help, ive never tried this.

I hope it goes for you.

I agree with paigems. Wait it out-- it will go away. Do not drain or pop it.

Here's what I did for my recent cyst:

1. Alternately ice and apply heat to it (for about 8-10 minutes at a time).

2. End on a heat application, and put cortisone cream on it or just leave it be. Maybe even put a band-aid lightly over it as to not be tempted to pick it.

3. If you need to go somewhere, just put a little bit of makeup over it (or, if you don't wear makeup-- don't put any on.)

4. Take an Advil or ibuprofen.

5. Don't mess with it anymore.

After heating my cyst, I poked a hole in an Advil liqui-gel and sqeezed the gel out. I applied that for 15 minutes. I noticed a slight redness reduction, and my sister said it was a lot less noticeable. So, you might want to try it out!

If its really a cyst or nodule (deep under the skin and takes weeks if not months to go away), the only thing that has ever worked for me personally is a cortisone shot. Topicals, ice, heat, advil never did anything and unfortunately I got scars because I tried those methods instead of seeing my derm for a cortisone shot.