Penis Prolaps Care

Yesterday while I was installing a new flying saucer wheel I noticed one of my chins just sitting in the corner of his cage while the others were out for some play time. At first I thought ok well it is mid day maybe he is just tired but then later in the evening when it was time to feed them he ran up and I noticed that his penis was hanging outside his body. Checked for a hair ring but found nothing. I read that he might have a prolapsed penis from having a prior hair ring or something.

I soon separated him from the others and put him up in a small pet carrier. Before I did this though I did notice that the tip was a bit calloused and looks bruised. I was able to coax it back into his sheath with a little bit of coconut oil. I saw him eating and he still ran up to me for a treat after all of this so it makes me believe it isn't hurting him too badly. So right now I'm in a bit of an observe mode to see if it gets better or if I need to take him to the vet.

My main question right now is I'm wondering if coconut oil is ok for chinchillas. We didnt have any vaseline or ky on hand so thought this might be the next best thing as it is still natural and it might be tasty so it can promote some self cleaning and moisturizing on his member.

Can anyone assure me that coconut oil will not harm his health?