Whatever it is, it sure is pretty!
Fyn, I don't think this is Clavulina cristata. The tips aren't really feathered. It does look quite similar to some images of Tremellodendron pallidum.
http://www.mushroomexpert.com/tremellodendron_pallidum.html
http://en.wikipedia.org/wiki/File:Tremellodendron_pallidum_54765.jpg
http://www.indianamushrooms.com/images/tremellodendron_pallidum_3.JPG
However, I can't say for sure. My book says the branches are flattened (though in the image in the book they don't look all that flat).
I also found this from a Connecticut site (scroll down to the image). This person has it labeled as Clavaria species but who knows if it is IDed correctly: http://cttrips.blogspot.com/2006/07/heat-humidity-mushrooms_23.html
Perhaps not so helpful with possible ID but interesting none the less. :)
Reiko, I don't think yours is the same. The tips of white coral fungus are sharp and pointed where these are soft and rounded. Fyn, I only have one fungi book for reference and T. pallidum was the closest match.
This looks softer.
Dan, you told me that mine was White coral fungus (Clavulina cristata).
Here is mine. Isn't that the same?
http://www.projectnoah.org/spottings/14770142
Very cool spot Fyn. I really like these coral fungi. I'm not 100% sure on the ID as I haven't seen this species. Also looks like it could be Cotton-base Coral - Lentaria byssiseda.
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