What is this white stuff, and why is there so much on the underside of this pine tree?

On the 1st picture, a pine tree had fallen over, but still attached to the roots, and not growing any vertical branches. When I cut a few logs of for the fire, the underside of one piece (ca. 30cm) was soaked in this white stuff (ca. 250ml). Unsure about odour, as I didn't take a close whiff, but at a foot distance wasn't a strong odour, nor on the fire any significant reaction (unless I wasn't paying attention, and that was the time I burned the sail covering the firepit).

On the 2nd picture, the other trees nearby were similarly dripping in the fluid. This is between October and November.

These pictures are maybe a month later (a few days ago, less than a week), and the fluid seems to have dried and caked some, but is still clearly visible.