I had this happen with a Latarrula cutting a while back - I had thin runny liquid weeping from bottom edges of the terminal bud.  It definitely wasn't sap.

Tonight, a couple months after the last time, I had this Italian Honey cutting that had thin liquid running out of the top cut, so much so that it was running down the entire 4" of the exposed cutting. 

You can't see the liquid running down the side of the cutting because in the two minutes it took me to finish what I was doing and walk to get my Blackberry to take a picture, the liquid evaporated.

This quick evaporation tells me this isn't sap.

So, what exactly is it?

The tip is still saturated in this picture - I didn't cut it, it came to me like this several weeks ago.

Interesting development. Al may be able to help. That said, I don't think he comes to this forum. Perhaps you can post it at GW.

Thanks, Paul. I've done just that.  We will see what happens.

It's very strange. This has happened on 2 out of 100 cuttings so far, one cutting with a terminal bud and this one which has no terminal bud.  Both varieties were totally different.  The sister cuttings to this one pictured are fine - no thin, runny liquid.  I am very curious to know what it is, and the cause.

Don't know if it's the same thing, but when I pruned my in-ground brown Turkey (pretty heavily) this year, shortly before it broke dormancy, a couple of the cut ends ran quite a bit of clear, watery liquid--not at all like the white latex sap. I assumed it was just water being taken up by the roots and pumped toward the swelling buds, and since some branches were gone it just spilled out and ran back down the trunk. The flow stopped pretty quickly and doesn't seem to have caused a problem, but it did leave a lasting stain on the bark.

This didn't even leave a stain.  It just evaporated, like it was never there.