At the risk of being a killjoy, I've never found any traditional, homeopathic/naturopathic, folk remedy, etc., solutions that effectively treat cysts, boils, warts, etc. Tried several, no results. I suspect that at most the lubrication reduces the chafing a little while the area heals naturally at its own pace, but lacking other medicine folks convinced themselves about the efficacy of some drawing salve or poultice.
I use
Walgreens brand moisture barrier cream for occasional saddle sore ouchies -- usually ingrown hairs or chafing from a seam or wrinkle in my shorts on a long sweaty ride. The Walgreens stuff comes in a large green tube, usually found in the "seniors" aisle for folks who are incontinent and spend a lot of time in a wheelchair, nursing home bed, etc. I got it for my mom at first as her condition declined. But I discovered it works great for the usual saddle sores.
It's mostly zinc oxide, which is very persistent stuff and isn't easily sweated out or washed out -- it takes some hand scrubbing with a strong detergent such as Fels Naphtha bar soap to clean out the whitish cream. It has some useful added ingredients, mostly for topical pain relief: menthol (very mild, no stinging against sensitive skin) and a few other things. The many other ingredients are not listed as "active ingredients" and are common to many folk remedies, so it's basically a "natural" ointment made more effective with zinc oxide and menthol as a topical analgesic.
It's also great for really painful hemorrhoids, although a sitz bath in warm water with Epsom salts works even better. So try those leisurely soaks in a sitz bath for ingrown hairs, cysts, etc. When the solution is strong enough to make your fingertips wrinkly -- usually one or two cups of Epsom salts per bathtub -- it's effective at reducing swelling in the nether regions.
If the knotted spot was persistent and uncomfortable in any seated position, I'd consider shaving the region (with an electric shaver -- safer and gets close enough) and using Dr. Scholl's Moleskin or comparable adhesive padding. The trick is to cut out a circular area to allow the swollen area to peek through, while the raised area created by the moleskin or bunion type bandage to relieve some pressure. After the swelling decreases soak the bandage, use rubbing alcohol, etc., to gently dislodge the adhesive. Usually it just peels off on its own after a couple of days, depending on the person's perspiration, skin oil, etc.