Identification: its a hot pink "cigarette" and I've never seen anything like it!

Most recently while weeding..I noticed under my Magnolia tree a strange kind of fungus...at least I think thats what it is. First of all we are in central Ontario and zone wise are approx a 5. Magnolias don't usually survive here..but thankfully, we have had ours for a few years.
This "fungus" was hot pink in color and looked like cigarettes coming out of a center clumping. On the ends of each "cigarette" was a chocolate brown color..very shiny as if it had just been dipped. After 3 days the hot pink shrunk and looked more white-ish..it looked like it is dying..but I have never seen anything like it before. We are from the farm (and have seen alot of things) but not that. It appeared nowhere else in the garden, but there were 5 or 6 clumpings under the tree itself. I has been a good year for this tree. Its been a little warmer than other years..and the rain came at exactly the right times, so the tree itself is very green full and healthy. Any help that could be given would be most appreciated. Thanks in advance!

 

Maybe Mutinus elegans or M. caninus.