Canker or canker and borers. Clean the goo out and look for borer holes. Use a wire to stab those borers in holes.

Thank you rphcfb14. There is nothing soft or gooey, its all like crystals and the wood around also hard. Should I take a sharp knife and start scraping off. Should I clean until I see white wood? I have the brown organic tree paint. Shall I paint it after I clean or buy some of the tree paste stuff to put over it? Can I spray neem oil? Do I have to wait until Dec/Jan to spray copper or can I spray copper now?

Cherry trees of any variety are extremely prone to gummosis, or the oozing of sap, Causes are very varied and could be - but not always - serious. Once the sap dries or hardens it does become crystalline. If the tree is otherwise healthy, I would not be overly concerned. When it appears at the base of trunk, it is very often associated with mechanical damage during harvesting or planting.

Do NOT scrape or clean off. Do NOT paint or seal or otherwise mess with the area. And no specific need to spray anything now........unless you see obvious signs of a boring insect (there will be accumulations of powdery sawdust at the base if you have a borer) and that is best treated with a systemic rather than any topical spray. The exuding of the sap is the tree's natural way of dealing with the issue and does not require human intervention.

Thanks guys! I really am not sure on what choices I have. I think I'll let this tree be for now and do nothing. Will wait for a year to see if it makes it.

You should look carefully to see if there are borer holes at the base of the tree. If there are boreres and you do nothing, your tree is likely to be killed. Use a wire to probe. Sometimes, borers also attack at or below a soil line.

Thanks rphcfb14! I checked thoroughly again today with a magnifying glass all around the tree and gently dug a little around the soil also to check - No sign of any holes or borers or borer dust or larve. So may be gummosis/ bacterial canker/crown gall