This is a peony bud. I am not sure when these bloom - this bush has been loaded with buds for over a month, although this is the largest I've seen them bud in a while, so I'm hoping that it will blossom soon to add a little color to the otherwise green back yard. I read that these are some of the hardiest perrenials, and can live 80 or more years. This bush was so dead looking after winter, I almost dug it up. I know now to just trim it back.