My son is 7 months old and (in my words of my husband) had a weird circumcision -- no Plastibell. He now has a ring (where it should be) near the tip of the penis. But under the ridge there appears to be some white stuff just barely under the surface, almost like a vein, but it is only visible in two spots on the right side. At those spots are two indents which almost look like a "hole." It doesn't appear to be infected.
It sounds like you are describing something called smegma pearls. In many circumcised kids a small amount of skin adheres to the ridge, some or all of the way around. This eventually goes away on its own through repeated normal erections. In the meantime, white material builds up under that skin and can get stuck there in pockets.
Typically, nothing needs to be done unless it gets infected or irritated. Sometimes it can be wiped away. You will want your pediatrician to take a look to be sure that what I am describing is what is going on with him, but I expect that it will keep appearing in the same two spots. If the skin looks red, swollen, or irritated you would want to go in sooner.
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