Little orange balls on a log.
Westboro 5/12/07

My guess is that this is Wolf's-milk Slime, Lycogala epidendrum, but with an odd orange color.  It looked like tiny puff balls.

On the right and bottom left there are a few that are not orange.

The largest was about 1/4" round.  Here is a close-up of two in hand.

Then I squished the 1/4" ball to see what was inside.  It popped and an orange goop spilled out on my hand.

It stained my finger orange.  Go here to see how the little balls changed appearance by next day.

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