In the Magnoliaceae, winter buds are actually stipules, and in this photo, the stipule (yellow arrow) is splitting open so that the young leaves (blue arrow) can emerge. The stipule will leave a circular scar on the twig when it falls off (orange arrow). This is the Fraser magnolia (Magnolia fraseri).
Photo by K. R. Robertson at the Arnold Arboretum of Harvard University, Jamaica Plain, Massachusetts.