Found this info on the BBC website:
"By asking for help from your doctor it's possible to speed up the healing process, rather than just waiting for the spots to get better of their own accord.
Molluscum contagiosum can be treated, especially if it just affects a small area of the body. The most simple treatment involves squeezing the lesions, a few at a time. It's best to do this after a bath when they're softer. Make sure your hands are clean and, ideally, wear latex gloves to prevent the spread of infection. You can also try winkling out the contents of each spot with an orange stick, although this may be too traumatic.
In older children, cryotherapy (freezing) can be used on small groups of lesions without anaesthesia. Diathermy (burning off the lesions using an electrical device) can also be performed but a local anaesthetic will have to be given first.
Other options (many of which are only available from hospital specialists) include:
-Pricking each spot with a sharp instrument dipped in chemicals called podophyllin, or phenol. This causes the contents of the pimple (a white cheesy fluid) to burst out and the spot to heal. However, these chemicals are very powerful, and the treatment can be a little uncomfortable and may leave scars.
-Burning each lesion off with silver nitrate paste.
-Curettage (scraping off each lesion).
Because these treatments are sometimes painful and can cause scarring, they may not be the best choice for small children who could be left frightened and traumatized by the procedures."
Hmmm... think I'd just leave the lumps!
As it's a viral I'd try something like Manuka Essential Oil which is like Tea Tree but gentler and doesn't smell so bad either.