Just learned that my male Chessie, born May 15th, has an undescended testicle.

Vet is recommending neutering. One option is to remove the one that has lowered, but keep the one that is internal, although this has increased cancer risks down the road.

Thoughts or insights as to how to proceed are greatly appreciated.

I would give your pup somemore time. It may still come down. Don't rush into anything. Let him grow up a bit and see what happens. If it doesn't come down by a year of age it problally won't. If you do decide to neuter him at that time then I would definatly have both testicals removed. A vet that want's to leave it in is lazy or doesn't like challenging situations. I am a tech at a vet clinic and we do crypt neuters all the time. Sometimes they are easy and in the ingunial ring other times we have found them in the abdomen. Either way if he is going to be anesthetised then you might as well go fishing and get it out. If you leave it in he will still have the hormones and may show the nasty habits of a intact male.