I was urinating during the night and noticed a small black spot on my penis, I picked it off after much trouble and noticed it was a bug of some sort and it had been biting me. After I got rid of it I checked myself and there were no more but there was a small pink line where it had bitten.

Could be a small tick. Could be a louse. Could be a mite of some type. If you're in the Northern Hemisphere I would guess a tick, as they're most active in late summer. Ticks like to climb bushes or grasses so they can get to a host animal as it walks by. You may have gotten one in the woods or from tall weeds.

perhaps, I have been spending time in the woods lately but it just didn't strike me as a tick, it was really small and baby ticks are red

Not all species of ticks have the same coloration. Don't be fooled, also don't be complacent unless you have another one identified positively.