What to do about an osteochondroma causing pain?

I have an osteochondroma on my left knee. The turmor is medial to my knee cap. The tumor is roughly 3 inches in diameter and is on my femur. Recently I have been experiencing frequent pain. This pain is similar to when you need to crack your elbow. I feel this pain when I try and touch my right knee with my left heel. I am unable to complete this motion unless I move quickly and midway I feel a sharp pain. I feel pain when I move my leg back as well. The pain is right over the tumor. I feel the same pain when I lift my knee up while keeping my lower leg perpendicular to the ground. I feel pain in these everyday activities... walking up or down an incline or steps, walking long distances and changing clothes. Do you think the pain will subside or is the only solution to get the tumor removed? Removal is the last option because I hear that the recovery is lengthy and I am currently working and am going to college in the fall.