my retriever has fatty lumps all over. she has a really large one about the size of a golf ball on her left clavicular area. it was the same thing, I suddenly felt it one day and it was huge. I just started bawling because I immediately thought the worst. but we've had all of her lumps and bumps aspirated and they've all come back as fatty tissue.
My dog had that on her knee when we first got her. It was really rubbery and about the size of a ping pong ball.
The vet took a sample and screened for tumors and all of that jazz, but it turned out it was just a synovial cyst. It wasn't causing her pain or getting in the way with anything. He ended up draining it and told us to keep an eye on it. Draining it was NBD too. He just did it right then and there in his office with a syringe. It's been about a year and a half and it hasn't come back at all.
I was so worried even after the vet said it was nothing, but really, it was nothing and she's totally fine.
Good luck with your dog and I'm sure it'll be nothing for you guys too!