I can help!!! My daughter had this and like some of the girls said, it is a clogged tear duct. Some doctors will tell you that if it does not clear up on its own, they would do surgery-ewww. Luckily my daughters went away but not until she was 6 months old and we finally found someone that knew something about it.
I never used cream or got anything for her tear duct, but our doctor had recommended this and it worked:
Massage the eye just under the tear duct, like when you rub your eyes... put a warm washcloth on for a minute or as long as baby will let you before you massage it and right after. Do this when you have a chance, as much as possible as it only takes a minute. The more you massage, the more the goo comes out and eventually it will just clear up. If you google the clogged tear duct, there are a ton of results to help in other ways. Here's a quick blurb from a website:
"Children with blocked tear ducts often can be treated at home. Your child's doctor or pediatric ophthalmologist may recommend that you massage the eye several times daily for a couple of months. Before massaging the tear duct, wash your hands. Place your index finger on the side of your child's nose and firmly massage down toward the corner of the nose. You may also want to apply warm compresses to the eye to help promote drainage and ease any discomfort your child may have."
the website http://www.kidshealth.org/parent/general/eyes/tear_duct_o...
Hope this helped.