It is probably a cherry eye. This is when the thin membrane known as the third eyelid (only dogs and cats have one) has lymphatic glands that start protruding. This membrane is used to swipe tears across the eyes surface. This usually happens with the tissues that hold this gland are weak and is quite common in younger dogs.
Red lumps are also caused by problems in the third eyelid, especially when the cartilage in the eye is not formed properly. This is known as eversion.
Both of these problems are rare in older pets. You should go to your pet if the eye is dry or irritated, you have a short faced breed, the dog is scratching it's eye, the eye changes color, there is discharge for more than 48 hours, the eye bulges, or pupils get dilated.
Red lumps are also caused by problems in the third eyelid, especially when the cartilage in the eye is not formed properly. This is known as eversion.
Both of these problems are rare in older pets. You should go to your pet if the eye is dry or irritated, you have a short faced breed, the dog is scratching it's eye, the eye changes color, there is discharge for more than 48 hours, the eye bulges, or pupils get dilated.