What do I do for a puncture wound of lip?

Superfast healing. The good news is that area has fantastic blood supply and so healing will occur rapidly. Inflammation (red, hot, tender swelling) is the body increasing the blood flow to the injury to bring healing factors to the area and also the veins expand to carry bad stuff away. Dressings and ointments are of no value there. Avoid further trauma to the area and let nature take it's course.
First aid. For a minor puncture wound, wash it with soap and warm water, apply pressure to stop bleeding. If is is irregular, has a flap, is large or deep, stitches using plastic technique will give a better cosmetic result.