Welcome to HCM .
Redness and swelling of penis along with white discharge is suggestive of inflammation of penis ( balanitis) or urethra ( urethritis
Though the child isnt complaining of pain it can get worse and later pain & tenderness may develop. It's best to get him evaluated by your doctor and start appropriate antibiotics ( cefpodoxime
etc)and antiinflammatory ( ibuprofen, acetaminophen
Continue to keep the area clean , open and dry.
Give him plenty of fluids to prevent a urinary infection .
Wishing him a speedy recovery.