Hey I'm 14 years old. And I found a pink pimple looking thing on my penis. I'm really worried . Is that anything bad ?

Doubtful. Probably a hair follicle.
If it's hurting then go and see a doctor, otherwise stop poking at it and it will go down..

Should I put anything on it

No! Leave it alone!

Do you masturbate now and then? Have you ever seen one before this?