Last fall I noticed a lot of these two inch long caterpillars crawling on the ground under a Water Oak (Quercus nigra) tree. Furthermore, there was a lot of damage to the leaves. It turns our this is an Orange-striped Oakworm (Anisota senatoria). Note the pair of slender horns that appear right behind the head. These caterpillars are often seen wandering about looking for a place to pupate.
A closer look at the side of the caterpillar reveals the sharp spines along its dorsal side. The pattern of striping varies from one population to another. Some have complete orange stripes along their sides. This individual has complete dorsal stripes but the lateral stripes are reduced to a series of spots and dashes.