A common treatment for ingrown toenails is to use hydrogen peroxide. People think that it kills all the infected tissue caused by ingrown toenails. The short answer to this is while it does kill some of the infected tissue it also kills a a lot of the healthy tissue used to fight off the infection of the ingrown toenail. So I would always advise against using Hydrogen Peroxide on an ingrown toenail. The correct treatment for ingrown toenails is described here:
If you must use a cream on ingrown toenails I would suggest an antibiotic cream as it will do no damage to the toe or good tissue while helping fight off the infection.
Here is a video of what applying Hydrogen Peroxide to an ingrown toenail looks like. That bubbling, while it looks cool, is not really doing anything.