As per as Bakers cyst sometimes it is self curable and the fluid will absorb by itself if the cyst give away.
You would need surgery as meniscus are very important ligaments in the knee joint and spontaneous healing is difficult. Take care!
im not a doc, but i can help with a little bit of that.
a bakers cyst is a fluid filled sac in the back of the knee. inside your knee, providing padding on top of your tibia, there are two "pads" called menisci (medial and lateral) and by the report, it sounds like you have a tear to the lateral meniscus. a grade 3 tear is usually the worst. (grade 1, 2 and 3) truncated means 'short' so a short/small meniscus? (that would be my best guess:) i really dont know about the staying off the legs. and surgery...that would be up to you and your doc. (btw...make sure you find a REALLY REALLY GOOD one)
if you want to post on another website, this one is AMAZING!
just google kneeguru or kneegeeks
and go to their bulletin board. there are a lot of people who are more than willing to help.
hope that helps a little bit! and hope things get better.