bogo,
first of all it is inflamed. See all the redness around it?

It is a Cyst which is a direct indication of Iodine Deficiency.
See our testimonials on Cysts:
http://tinyurl.com/iodine-testimonials

I suggest you see a doctor to get it lanced.

If it were me, I would apply a spot of Lugols Iodine to it every hour until it breaks out.

Then make a mouth wash with 1 ounce of water & 4 drops of Lugols & swish every hour to prevent infection. This will also cure the candida in your mouth. Your tongue seems to look a little whitish.
https://sites.google.com/site/iodinereferenes/home

Grizz