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It is most likely a harmless sebaceous cyst, which commonly appears on the penis foreskin,
I would suggest that you get yourself examined to confirm the same, or even Google images for Sebaceous cyst of the penis.
The secretion is a cheesy material that may be mistaken for semen,
I do not believe this is likely to be anything to be worried about :)
There is NO reason to remove the cyst,
I believe that there is nothing to be concerned about, however a medical examination will help us confirm this !
The reason you hear the 'horror stories' is because they are so rare - I mean no one is going to write about going to the doctor and getting the all clear - coz that is common :)
Dr Gupta, MD
Apologies for the delay, I was out of town with the family.
The lesion can easily be removed by any surgeon under local anesthesia.
Talk to your PCP about getting a referral to a surgeon for the removal of your probably sebaceous cyst.
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