I believe it's a form of jelly fungi, perhaps dacrymyces palmatus. Might be aka Fairy Butter, but I'm having trouble finding a consistent common name.
My reference book says it is actually more firm than it looks. I'm sorry I didn't touch it, now! Or at least a little poke with my handy geocaching poking stick I was using to search among the leaves for the cache.
Would you have touched it?