The Treetap is used to extract Sticky Resin from a Rubber Tree. It extracts 1-3 Sticky Resin per use. The Sticky Resin can then be smelted in a Furnace to make Rubber or be placed in an Extractor to create 3 Rubber per Sticky Resin. You can also use this to make Rum from an empty Booze Barrel. Just attach the tree tap to the Booze Barrel.
The Treetap has a durability which limits the amount it can collect to about 28-30 Sticky Resin before breaking. It can be repaired by placing it in an Alchemical Chest or Alchemy Bag with the Talisman of Repair.