Same problems, just luckily I caught it before the blood. I put dry skin creme on it (my mom's neutrogena "Norwegian Formula" Dry Skin stuff) and cover with a bandaid overnight. Sure it's girly, but it works.
I also tried some new skin, but that seemed to dry my thumb out even more. It seems like more of a last resort cover-up if you have painfully cracking skin and no time to fix it up.