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Parents bring in their 18 month old uncircumcised son because of concern regarding a bump on his penis. He has no other symptoms and is afebrile. They first noticed it 3 days ago and it is unchanged. On exam there is a 3-4mm diameter pearl-like white mass under the prepuce (distal foreskin). It is not fluctuant or tender. The child is phimotic, and the foreskin can be retracted to visualize the meatus, but not fully retracted. 

What is the next best step of management?