Yes, this is the standard "treatment " for a simple or functional cyst. They are very very common in premenopausel women. Actually, cysts of this nature are a part of ovulation. Sometimes though , rather than resolving, these cysts remain. Most of the time they will disappear in a few cycles.
Check out the top right of this page "Health Pages" It will tell you all about ovarian cysts. Really nothing to worry about .
Let us know though how things are going for you,
I responded to an earlier post you made. I mentioned that I had a cyst so big the Dr thought it was a benign tumor and wanted to take my ovary out. two weeks later it was gone. I also mentioned a little about a functional cyst.
how long have you had the pain for? I am guessing in two months if it is bigger rather than smaller or gone, then they will suggest having it removed. but it could rupture, just like mine did.
if you are really worried about it then I would go to another OB and get a second opinion.
I would also consider asking your Dr about changing your form of BC. I don't know too much about the implant in your arm, but that might be what is causing this large cyst.
Good luck and let me know how it all turns out