Redness around penis (meatus) or glans for about 5 months.....no pain or irritation until touched..

Looks like meatitis,which isn't usually serious.  How do you masturbate against a bed?  That sounds unusual, and could be causing the problem or making it worse.  I'd recommend against using coconut oil, though it wouldn't usually cause any harm.

I suggest you stop for a bot, then vary your method of self-stimulation, - if you are doing a form of simulated intercourse with the mattress, there is more risk of unexpected injury. Although oils and creams tend not to be recommended by medics, I've never had any problem using whatever is at hand. Depends on your skin type, I think.

I'd try a basic antiseptic cream for a week. If no improvement, see a doctor or sexual health clinic.

If it has been like that for 5 months I would definitely get it checked out by your doctor or a sexual health clinic. 

Any further news on this? I've had the same thing for over an year now. Never given me any pain unless I touch it! 

We can't clarify anything for you, since an official diagnosis would require a physician examining you in person and possibly a biopsy or some other testing.

please update us

any new update? I also have something very similar on the tip of my penis. Doctor said it looked like Balanitis so gave me two rounds of Difulcon and for me to use Clotrimazole morning and overnight. It doesnt burn or hurt just doesnt look right.