Red, wrinkled, dry skin on penis and scrotum

im 20 and just recently noticed that my entire penis including the head, shaft and scrotum are red with wrinkly dry skin that peels to a point of leaving sore spots on it. i dont itch, and it doesnt hurt (unless the skin peels too deep). i have stopped masturbating for a few days now and havent tried putting on any kind of cream or lotion since. i have had this once before when i got jock itch, and it went away after about a week. i just wanted to know if the two are correlating symptoms or not? also, is there anything i can do to help it go away.

thanks for your time.