It is the head of a Bloodworm. For you landlocked guys, that head part shoots out of the bloodworm and tries to bite you. Looks like something from the Movie Alien!
They look like this:
They make great bait for spring striped bass becuase:
1. the bas are feeding on emerging worm in the mud flats pre-spawn; and,
2. the worms have a lot of blood red juice that leaves a nice scent trail