Tremella encephala

Naematelia encephala (synonym Tremella encephala) is a species of fungus producing pink, brain-like, gelatinous basidiocarps (fruit bodies). It is widespread in north temperate regions and is parasitic on another species of fungus (Stereum sanguinolentum) that grows on dead attached and recently fallen branches of conifers. In the UK, its recommended English name is conifer brain....read more on Wikipedia.