It may look cute and you may want to grab it, don't touch it. If you do you'll regret it.
This is the American Dagger Moth Caterpillar, and according to InsectIdentification.org, you will find these 'cute' fuzzy caterpillars in the upper midwest including Illinois and Wisconsin during the fall.
So why should you not touch this cute fuzzy little guy? Their bristles break off and embed themselves into your skin. And toxins stored inside the hairs can give you a burning itching sensation and rash may develop and last quite a few days.
So what happens if you come in contact with one? Look from a distance and take you pictures without touching it. Experts also warn parents to teach thier children about the danger of these caterpillars and to keep them away from them.