Balanitis: a miserable condition. I've had it for 15 years and doctors often have a hard time diagnosing it.
I have tried each and every ointment, balm, cream, paste, gel, etc.
If it worked it wasn't for very long.
The latest stuff I got from a doctor is Tiamol (Fluocinonide USP 0.05%).
An immediate improvement in the condition took place, but you have to go easy on the stuff!! Try 2 times a day and after you see improvement, go back to 1 time and stop it soon thereafter. Do NOT use it in combination with other creams. To be on the safe side, ask your doctor first.
What I do nowadays is (as a form of maintenance) I hang my tool before going to bed for 2 minutes in a glass of SALT. lukewarm water. Dry thorougly with a soft napkin and keep the knob exposed to the air a little while.
I have found that this procedure keeps the conditions reigned in.