Dermatology Questions? Ask an Online Dermatologist.
Are you diabetic? Does it run in your family?
If you have not been checked for diabetes in the past 6 months ago, you should consider it as balanitis is a common presenting symptom. It can cause redness of the rim of the penis, as well as swelling and whitish debri. That said, this does not look like classic balanitis (which is an easily treated fungal infection, by the way). You could try an over-the-counter antifungal cream for a couple of weeks to see if it starts to clear. Another possibility would be something temporary such as lichen planus.
Lichen planus is a chronic inflammatory skin condition affecting skin and/or mucosal surfaces, often affecting the penile glans or shaft.
Another consideration would be Balanitis xerotica obliterans...a chronic, sclerotic dermatitis involving discrete, angular, white, atrophic macules and patches on the glans, prepuce, and foreskin of the penis, with only rare involvement of the shaft. Fissures and erosions can sometimes appear over the glans. Phimosis, the inability to retract the foreskin over the corona of the penis completely, and paraphimosis, the inability to extend the foreskin over the glans, are potential sequelae.
You might have 2 things going on at the same time. Something like lichen planus explaining the macules and something like an irritant or contact dermatitis explaining the red rim. This could be from a soap you are using or a lubricant, for example. In some cases, it is mechanical from the friction of sex or masturbation, particularly if no lubricant is used. Finally, do consider balantis again, as this can do both.
The white spots do resemble lichen planus or lichen sclerosus. They can appear anywhere on the penis but are less common on the shaft. Not sure why a spot would be present on both the foreskin and glans at the same spot unless it was a coincidence or possibly a fungal balanitis (yeast) that has infected both places by direct contact. This latter condition would improve within a few days to weeks with an antifungal cream (e.g. miconazole, clotrimazole)
Lichen planus or scerosus on the skin often clears up on its own in a couple years or less. If the disease affects your mucous membranes, it tends to be more resistant to treatment and more prone to recur. The first choice for treatment is usually a prescription corticosteroid ointment, to help reduce inflammation. If that doesn't help and your condition worsens, your doctor might suggest a corticosteroid pill, either alone or with the ointment. If you still don't see improvement, your doctor might suggest a corticosteroid injection. Hopefully, this would not be necessary. :-)
I don't think you need to treat unless, as you say, yoy are concerned about it asthetically. As for the ammonia smell to your urine, this is often due to the urine getting too concentrated such as when dehydrated. If it smells sweetish, get tested for diabetes. Try to avoid friction to the corona as much as possible. Consider using a mild corticosteroid cream such as hydrocortisone 1% to address the irritation and cracking of the skin.