After a recent sighting of Cow Splat Corner, I just had to come out here and see what all the fuss was about, and if my Spelunky would appreciate a little bit of cow humor in her life. Yup, I think so! You are almost at CSC, so you need to get your cow frame of mind going, and this cache will help.
This cache is located out behind the phone building, about 75-100 feet into the woods.