A shrub growing all along the pond at the town forest. Turns out these are just buds, which will open to little white flowers with a sweet fragrance. The fruits look a little like peppercorns (but are not spicy), hence the name. White Alder family. Native.

Sweet Pepperbush, Summersweet (Clethra alnifolia)

Update: here’s how they look in late July: