I can feel bubble sort thing in my ear lobe. Is this a cyst? If so, what should I do about it? Pop it?

Earlobe cyst. It can feel like a small lump or a bb pellet under the skin. It is a sebaceous gland cyst and can become infected. Do not play with it or rub it as that will increase the likelihood of infection.
Don't pop it. It's probably nothing serious, but it is probable that if you try and pop it you will be sorry. A cyst of any type is likely to rupture and cause a substantial infection. Check with your pcp or ENT if it bothers you or is enlarging. In either case it should be simple to remove.