Hi,
Treatment for balanitis depends on the underlying cause. If there is an infection, treatment will include an appropriate antibiotic or antifungal medication.
You can apply Monistat, an anti-fungal medication for yeast infections, which is the most common cause for Balanitis.
In cases of severe or persistent inflammation, a circumcision may be recommended.
Taking appropriate hygiene measures can help prevent future bouts of balanitis, such as retracting the foreskin daily and adequately cleaning and drying the head of the penis.
Normally there is a secretion called smegma which accumulates under the foreskin which can cause irritation of the glans and sets the stage for a yeast infection.
In addition, it is important to avoid strong soaps or chemicals, especially those known to cause a skin reaction.
ref:http://www.tamilstar.com/news/health/article_4836.shtml
Their is no cure. It will come and go for the rest of your life. Balantis is just eczema on the penis. Do you have eczema any where else?
Cortisone cream should clear it up. Apply twice a day for a week.
If you came in contact with something that you are allergic to it will clear up as long as you don't come in contact with the substance again.