This is a remarkable species that is a conglomeration of various species resulting in an oozing, dripping orange slime. It is most often seen in the spring, often by morel hunters. It typically covers a grape vine or stump. It may form slimy stalactites of orange goo. No two samples have been found genetically identical. Some report a sweet smell which may come from yeast. The mix may also include a different yeast species which gives it the orange color and actually kills some of the other fungi involved. Some Zygomycetes are in the mix as well. There needs to be more study on this complex organism.
http://www.dnabarcodes2011.org/conference/program/schedule/treeslime.pdf
–Walt Sturgeon
Fusicolla Merismoides by Walt Sturgeon
Fusicolla Merismoides by Walt Sturgeon
Fusicolla Merismoides by Walt Sturgeon
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Ohio Mushroom Society 
This is so cool! I know I’ve seen it before and wondered about it. Thanks for bringing it to light, Walt!