I am experiencing similar side effects as a result of the Imiquimod treatments. I went to the doc complaining of two small warts, since starting the cream, I have several red spots around the base of my penis. I don't know if I am applying it carelessly (it's hard to get it only on the warts) or maybe too often.
As far as the duration, the instruction from my Dr and the packaging says to use no longer than 16 weeks. So i would give until then for some changes to happen. I know the package says warts may still show up while using the cream but my red spots aren't the way the other warts started.
I do not have multiple partners and the one I have had lately was several months ago. I am pretty sure I have not acquired something new so I am really hoping these are just side effects of the cream. Here is a link to the post I made before seeing this one.