Your pictures are suggestive of a condition known as Pearly Penile Papules (PPP) or Hirsutoid papillomas.
Pearly Penile Papules Causes
The cause of PPP is not known and it is not a STI (sexually transmitted infection).
Pearly Penile Papules Symptoms
Symptoms of PPP include small, whitish or skin-colored growths which usually develop around the corona or sulcus of the glans penis (head of the penis).
These swelling are often arranged in rings or rows around the base of the penis head. They are not painful or itchy.
Ectopic PPP has been documented with the papules developing on the shaft of the penis. (O’Neil C, Hansen R. Pearly Penile Papules on the Shaft. Arch Dermatol. 1995;131(4):491-492. Available at http://archderm.jamanetwork.com/article.aspx?articleid=556609. Accessed on March 9, 2014.)
Pearly Penile Papules Treatment
The treatment of PPP includes ablation with a CO2 laser as this gives the best cosmetic result.
They can also be removed surgically or by using electrodessication with curettage though there may be scarring.
Cryotherapy which is freezing them with liquid nitrogen, can also be used to treat pearly penile papules.
PPP are not malignant and they do not become cancerous. They only cause cosmetic problems and thus they do not have to be removed.