Very weird/disturbing bump on my penis shaft

I've had this small hard bump on the right side of my penis for several years (i'm 25). It's white and seems like it's just under the skin. It's never really bothered me, but today I woke up and in that area there was a larger more reddish bump. It looks like there's an ingrown hair or something right where this white bump was. I can't really see the white part of the bump anymore but the bump is now larger and red, and if I squeeze it it's still hard. There's a tiny pin-sized hole where some of the white/cheesy type fluid comes out if I squeeze it hard enough. What's more disturbing is the area surrounding this painful bump is VERY large and soft, almost like it's a huge bubble. Can an ingrown hair cause this? Sebaceous cyst? Any info is appreciated.

Thanks