You found a light orange custard like substance coming from a dead tree what is it?

The light orange custard-like substance could be a type of fungal growth, such as a slime mold or a myxomycete, which often appears on decaying wood. It may also be a type of tree exudate, such as resin or sap, especially if the tree is suffering from disease or damage. In some cases, it could be a sign of wood decay or rot caused by fungi. It's important to observe the substance closely and consider consulting a specialist for accurate identification.