Is this tree alive, healthy?
Could part of the trunk be in decay?
Not sure if it could be sap from an injury.

But if it is orange slime mold, just watch and be amazed.
Slime molds or myxomycetes (myxos) are way cool, but probably not on your live tree.

Here is a link that might be useful: slime molds

Where do you live?

The tree, which appears to be healthy, is a friend's in the Willamette Valley.

Using the fungi page link below, go to about frame number 22.

Is it like the Orange Jelly or Witches Butter?

Or different?

Here is a link that might be useful: Oregon Fungi Gallery

Orange jelly.