You decide to suck it up, literally. There's always the chance that the latex'll just go right through you, but an elephantine trunk would definitely ruin your face. Knowing this, you decide to sit and wait.
Watching with fright and anticipation, you see the chunk of black latex move closer and closer to your face. Within minutes, it's reached you and you can taste the foul rubbery substance that's now draining down your throat. You almost want to pull back just to get away from the stuff, but remembering what happened last time you decide against it. The sensation is utterly nauseating as you feel the latex slither down your throat. Soon, the chunk has gone all the way through and the latex trunk shrinks down, attaching itself to the latex inside you and beginning to pull inwards. You bite down hard and sever it, watching as the rubber tube wriggles on the ground for a moment before slithering into the trees like a snake. Finally, the last of the substance drains down your esophagus, and you can no longer feel it.
With the tiny elephant now inside of you, you wait for something to happen... and nothing seems to. Looks like it might end up being just a nasty memory after all!