Sebaceous adenoma : Also called sebaceous cyst. Smooth, pink, wartlike growth less than 1 inch (2.5 cm) in diameter. Most common on the eyelids and limbs. Occurs in older individuals (average age 10). Very common in Poodles and Cocker Spaniels.
Sebaceous cysts can occur in any breed of dog. They also occur in cats, but much less commonly.
Like the other lumps and bumps I've discussed in this series, sebaceous cysts are benign and nothing to worry about in terms of cancer. They occur under the skin, and they generally behave in one of three ways:
They get walled off
They resolve on their own
If a sebaceous cyst erupts, it means it came to a head, opened up, and the contents oozed out. Sometimes these eruptions can lead to infection. The ooze is usually a fairly gross material resembling cottage cheese, or sometimes a thick, black, waxy looking substance.
I don't recommend you squeeze these cysts, because this can cause them to implode, which can lead to cellulitis (a bacterial skin infection) which may require treatment with antibiotics. This is the least optimal outcome if your dog has one of these cysts.
I do recommend you keep an erupted sebaceous cyst clean. Disinfect several times a day, and prevent your pet from licking the area. Most of these types of cysts will heal on their own if they are regularly disinfected and not fussed with by your dog.
If sebaceous cysts under the skin become walled off, which means they feel like little peas, just leave them be. They won't go away because they're walled, but your dog's body will just ignore them.
Dogs prone to developing sebaceous cysts can acquire them at any age, and they can be an ongoing issue throughout your pet's life.
Some dogs get one or two cysts at a time, others can have five or six on an ongoing and recurring basis.
In vet school I was advised to remove sebaceous cysts because I could make money with the procedure and dog owners are generally happy to have the things gone. However, as I discussed in parts 1 and 2 of this series, I don't recommend removal of any benign cyst 'just because.' Removal is only necessary if the cyst recurs and is prone to infection and/or if your dog's quality of life is impaired by the presence of a cyst.
More info : http://healthypets.mercola.com/sites/healthypets/archive/2011/08/16/sebaceous-cysts.aspx
More type of bumps and lumps found on dogs : http://pets.webmd.com/dogs/dog-skin-lumps-bumps