The Vet clipped the end of the cyst and let it drain out.

When we picked Penny up the day after surgery, she had a tiny drop of dried blood
at the edge of her eye, but that was the only thing we saw out of the ordinary.

I was so surprised that her eye wasn't swollen and you couldn't tell she even
had anything done, except for the tiny drop of blood,  (that's one of the reasons that 
I took the 'after surgery' picture.)

Penny was in jolly good spirits & never showed a bit of discomfort from the surgery.

We did notice that the membrane in that eye stayed red for a couple of weeks.
The red wasn't noticeable until she looked far to her left.

Originally, our vet told us that it's possible that the cyst may come back.

Penny is now 3 years & 8 months old, thankfully the eye cyst has never returned.