Since it came on quickly, this is probably an infected or inflamed follicle. I suggest warm compresses and an antibiotic like bacitracin or neosporin, and no squeezing. If it doesn't go down in a few days, or if it gets larger and more painful, you should see a doctor. But many of these episodes are taken care of by the body itself, with a little help.
Best.
Dr. Rockoff