1) There is minimal degree of joint effu

Without surgery two things can happen. The tears can heal. This is most likely if they are small or in the red-red zone. If the tears are large or in other zones they are likely to become large. The loose flaps from the tears can get trapped between the two bones and cause locking of the knee joint. Presently put a knee cap on, rest the knee and avoid strenuous exercises for about 6 weeks. This will bring the inflammation down. Take over the counter pain meds if pain is severe. Once pain has reduced, start exercises to strengthen the quads and hamstring muscles. The gradually increase your physical activity. If pain subsides, you should be OK. If pain persists or locking episodes happen frequently, you will have to consider surgery.