THROW IT BACK!
The simple explanation is usually correct... its a hot spring, and there is some slimy moldy bacteria or something growing just under the mud. The pressure from the spring underneath the slime causes the slime to blow up like a balloon and inflate, deflate causing that funky effect. Since its exactly in the center of the ice hole, that would indicate that the hot water is flowing from under the orange stuff.
It could also be mooch Obama bit I think the former is more likely.
That is the most ridiculous thing I have ever seen.