Oh I am so sorry. You really are caught in a catch 22.
Is there anything they can give you to help with the pain at least? I know a lot of gyno do the wait and see approach, and most cysts do go away on their own, but NOT to frighten you, some do rupture.
The decision is yours to make. I know my gyno is dead set against putting me in menopause early. I had my right ovary removed due to a 4.5cm complex cyst, and YES it hurt, but I was having other issues as well.
Good luck, I hope you find relief soon...I really do not know what else would help you any coming from me.
Take care.
It sounds like the doctor wants to save your remaining ovary by waiting for the cyst to resolve on its own. He probably thinks that surgery will result in the loss of that ovary and he doesn't want someone your age to go into surgical menopause (or live on hormones for several years to come).
It is up to you whether you can ride out the pain in the hopes the cyst will go away or seek help elsewhere to remove it. Or demand surgery from the current doctor if that's what you really want. Many surgeons can remove cysts and save ovaries as long as the cyst hasn't damaged it.