How To Treat A Round Burn At Tip Of Penis Due To Tight Clothing?

stayed in ocean for hours with a bathing suit liner that was a little tight, noticed next day like round brush burn on tip of penis. Started putting 3 in 1 ointment on it immediately. It started to look better but hasn't gone away, and is very visible with erection.

Will this go away, and what can i use to speed up healing ??