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Tremella mesenterica
It is called Witches Butter (Tremella mesenterica) and is a type of jelly fungus. It is a common fungus associated with mixed deciduous hardwood forests. It is most frequently found in the cracks and crevices of newly fallen limbs., Right after a rainfall is a good time to spot this beautiful, small jelly-like mushroom. Within a few days of emerging it will dry and form a film on the log where it was found. If it rains again the fungus will revive and bloom again. It has a very slimy texture and lives up to its name of Jelly fungus.