I believe this is edible, but I've never picked any.
EDIT: This may not be Ramaria flava, but another species.
Yours is different and definitely isn't Ramaria, it's a different shade of orange and has long club like protrusions that don't branch as much. It almost looks like Cordyceps but they're a little too smooth.
Maybe something similar to Clavulinopsis laeticolor.