Mutinus elegans

Common Name: Elegant Stinkhorn
Description: Fruit body initially a semisubmerged "egg" 1-2cm across, white to rose-pink; this ruptures and the spongy, spore-bearing stem emerges. Stem 100-180 by 10-20 mm high and wide.
Habitat: in leaf litter, woody debris, and rich soil. Common. Found from Quebec to Florida and west to Great Lakes.
Edible: in egg stage but not recommended.

Source: Mushrooms of North America by Roger Phillips.