Small lumps on the penis are very common and often completely harmless. Treatment depends entirely on the cause, which a doctor must diagnose. If they are pearly penile papules, they are a normal variation and require no treatment. If they are genital warts, topical medications like imiquimod or podofilox may be prescribed. For molluscum contagiosum, podophyllotoxin might be used, while fungal infections are treated with antifungal creams like clotrimazole. Please do not squeeze the lumps or use over-the-counter wart treatments meant for hands or feet, as these can cause severe irritation. I highly recommend seeing a healthcare provider for an accurate diagnosis and safe treatment plan.