Well, the first problem, is that your profile says female, but you have a problem with a ring around your penis when you masturbate to much. If you are transgendered, I mean no offense, if you are not................
The above posters gave you good advice.
Just sounds like you need to slow it down and use more lube when you masturbate. Give it time to heal and try not to overdo it. If you feel like you're engaging to often, when you have the urge find something else to do with your hands like play a video game. Good luck.
Well first thing, to prevent this from happening when/if you go back to masterbation, I recommend you get a really good lubricant to masterbate and definitely don't use regular lotions or go dry. As far as a cream goes to speed up the process there are a couple things you could try. I wouldn't recommend using regular lotions. If anything, try A+D ointment, neosporin, cortisone cream, Aloe vera extract, or Vit E oil. Anything over the counter that you can find for chaffing would be good. Vit E might be a combo of neosporin and Vit E couldn't hurt to speed things up. Staying away from tight clothing during the day, or even trying to apply some sort of bandaid or gauze around the area would be best. If after 1-2 weeks your still in the same shape, as embarassing as it may be, I'd say definitely go to a doctor and you might be able to get prescription strength cream as this is a place you don't want to have scars. Good luck and speedy healing!
Sara RN