i am guessing that you have balanitis perhaps balanitis due to a yeast (monilial) infection. this is notorious for causing an itchy red penis. this is just a blind guess since i do not have any way of examining you over the internet. if this is indeed a monilial infection topical antifungal creams would be the treatment of choice. many good ones are available over-the-counter. ask your pharmacist.
have been having a white type of build up around the head of my penis cauing severe itching and redness of the head