My tongue looks like this:
I had it pierced 4 days ago and its a little sore around the actual stud and still a bit swollen. The yellowy ring almost feels like a soft scab but it sometimes comes off and white stuff comes out of the hole and it forms again. I have been using alcohol free mouthwash after everything i eat or drink as the piercer told me to do and have been drinking plenty of water.
Is it infected?
I had mine pierced probably ten years ago now:-P, I remember similar happening and I think it's just part of the healing, as your body is not supposed to have a piece of metal stuck in it and it's natural reaction is to try to get it out. Eventually your body becomes accustomed to it as it heals around it. Mine itched like I wanted to squeeze it to relieve the itch and had the occasional stuff come out the bottom side I rinsed with cooled boiled water with some salt in, after a couple of days the swelling went down, the itching had stopped and no more white stuff came out.
Continue with the mouth wash and if you eat anything rinse thoroughly. Your tongue is still swollen it takes quite a few days to go down, keep an eye on the swelling. If it gets swollen that the ball starts to dig into you tongue or look like it's sinking in either contact a piercer or go to accident and emergency.