Jessi,
I have had a left ovarian cyst come and go for the past 14 years! Now, I don't recall sizes, but I can tell you that my GYN ALWAYS said that the pill was the best option.
I got my first left ovarian cyst when I was 12-years-old. My periods were VERY HEAVY and lasted for 2 weeks straight with so much pain. My cycles were every 30 days, but half the month I would have my period. The right ovary was never an issue.
Anyway for the next 3 years, my GYN kept putting me on and off the pill. The cyst would dissolve when on the pill. My life was NICE! After it would dissolve, she would take me off the pill since I was only 12. I would only make it about 2 months, and the cyst would be back. The final time my cyst came back so big that they thought I would need surgery. They didn't think the pill would be enough...Thankfully, it was enough, but I remained on the pill until I was 24-years-old. Everyone decided it was the best option for me.
Well, Jake and I decided to try and conceive when I hit 24. So I had to stop the pill. My fingers were crossed with hopes of no problems. Well, I have been off the pill for 2 years now, and I can say that "yes" I still get the left cyst. However, it doesn't get near the size and dissolves on its own. Thank Gosh!!! Also, my periods are every 28-30 days lasting for a normal 7. They aren't as heavy or painful either. I always know when I have the cyst because I'll have trouble peeing, pooping, and painful intercourse. Sorry to be graphic, but it may help you recognize your symptoms. After 1 month, it is gone.
I think the BEST option (in general) is the pill. I think it has something to do with the hormone levels in them. Now with your situation, I'm not sure what the doctor will say. Maybe things changed in the past 2 years too. If you aren't trying, then I would suggest going on the pill or something at least for a few months to see if it helps you. Sometimes the cysts are unresponsive to the hormone levels in the pill. About 70-80% are responsive.
Feel free to contact me if I missed anything! <img src="i/expressions/face-icon-small-wink.gif" border="0">