Vet said its a follicular cyst. I could leave it alone and monitor it, do something like a needle biopsy or remove it. I am going to have it removed when the vet comes back from vacation in 2 weeks. He has someone who will be covering for him, but I would feel better if he does it himself. Gizmo also has one baby tooth that hasn't fallen out so they will extract it at the same time.
Thank you all for responding. It helps to know others have gone through this.