What is this bump beside my dog's tear duct?

My dog did not have this bump in the morning, and i'm assuming maybe she poked her eye with something while she was in the back yard. I was observing her eye about 30 mins ago, and it looks like an inflammation, but i am not sure. I have the pictures below for you all to see the bump. I'm assuming maybe it is harmless because she's acting like her normal-self( very hyper, and playful dog); she's not hurting, whining, etc. Should I observe it for a couple of days? I just want to know what type of bump this is, and if it's serious.

Thank You

Pic 1:

http://i205.photobucket.com/albums/bb244/LadyE07_0...

Pic 2:

http://i205.photobucket.com/albums/bb244/LadyE07_0... ( On pic 2 i pulled the bottom part of he eye gently to get a better picture of the bump)