I saw this and wondered if somebody stuck their gum on there. But no, it’s slime mold! This is the young stage. As it ages, it becomes purplish and then brown and repulsive when mature. Inedible. (As if!) Slime molds don’t penetrate into the wood to draw nutrition. They are more like amoebas which move around on the surface of the wood engulfing bits of organic matter.
Red Raspberry Slime (Tubifera ferruginosa)