Both my DSs had it and when the big one finally burst that was the end of the molluscum. Can you cover it with a plaster on PE days? BTW don't squeeze it - it won't 'pop' in a satisfying way, it will hurt and you will resort to trying to prise out the head with tweezers . There is a homeopathic remedy, but no idea if it works.
My 2DDs had this and I got some stuff from the States - Silver cure. Theirs went away very quickly when I used this.
I know it's not cheap ($59) but it is horrible when your LO have it. I would recommend the ointment, I did get a whole pack that had soap, shampoo and a spray but i think the ointment was the stuff that really made a difference. Also it's not harmful to the child, it's perfectly safe even for very little ones.
DS2 had severe case of molluscum. It affected both sides of his body (which apparently is unusual?). GP said to leave unless infected but could use anti-virals. However, the anti-virals severely deplete immune system and therefore leave them vulnerable to other infections.
Saw our homeopath but cannot remember the exact remedy given. After taking the remedy, they got much worse for about a week and then disappeared completely by the end of the second week.