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.
I have the same thing, its abouve the penis slightly, and its like a big spot, I noticed it because it itched!, but it doesnt itch now, I have a question for you if you could email me on ***@**** thanks.