Indelicate Headgear ?

I've never tried to pick an argument with those who wear guards uniforms. They tend to be a bit on the tall side anyway. So I've kept out of the controversy about what should be called a Busby and what a Bearskin.

This though is a completely new fungus and looks as much like a giant version of the Stinkhorn fungus.

It's actually growing from the empty shell of a dead birch stump and is about 9 inches across. I've no identification yet so would be glad to hear from anyone before I decide it's simply someone's woolly hat disguised as a fungus.