welcome to HealthcareMagic
If it is an endometriotic/haen=morrhagic cyst
it requires treatment.Since you are 32 yrs and can take chance of getting naturally pregnant so you can go for a laparoscopic removal of cyst and if you do not conceive the IVF will be option which will be open even after 2 yrs also.As for the follicular study
it is a procedure where sonography
is done to find whether the size of the follicle produced by ovary is increasing to the desired size and then the follicle ruptures or bursts releasing the egg which is fertilized by the sperms and it is necessary during fertilization so that you can have pregnancy
I hope i have answered your query.