The most common spots on the penis are benign penile papules. Theses are small dome-shaped t skin-colored bumps that are typically located on the fold of the head of the penis. These are harmless and nothing needs to be done about them.
One possible way to remove them is to use liquid nitrogen or a histofreezer to freeze the lumps. These then drop off over the next 1 to 2 weeks.
A less common diagnosis are Fordyce spots. These are small, painless, raised, pale, red or white spots or bumps of 1 to 3 mm in diameter that may also appear on the scrotum or shaft of the penis. They are harmless and are not infective. No treatment is needed unless you want to remove. Electrocautery or a carbon dioxide laser may be used to remove these with the help of numbing cream to effectively vapourising the tissue.
Should you still be concerned, an examination is encouraged so that other more sinister causes of lumps or bumps may be treated.