Just today I noticed I have a red bump on the middle, right side of my penis. I tried popping it and this white stuff came out. I've never had sex, but do masturbate frequently.

I'm circumcized if it matters.

Seriously freaking out here.

Sounds like a pimple or ingrown hair to me, but squeezing it's not a good idea, could cause infection. Keep an eye on it, if it gets worse or starts to hurt then go see a doctor.

Yea, it's just a pimple. I hope you dissinfected it after popping it.