This is a little cupcake with pink frosting. The sprinkles spell out "EAT ME", which makes you a little wary. It's not every day you meet a suicidal cupcake.
Your stomach is still a little queasy from digesting a cupcake that may or may not exist in this dimension. You really don't feel like eating another one just now.
References
The name of the acquired effect is a variation on the saying "My spider sense is tingling", which is of course said by Spider-Man whenever his trademark spider sense tingles (i.e. alerting him to oncoming danger).
The sprinkles that spell "EAT ME" are a reference to Alice in Wonderland, where Alice finds a cake labeled "EAT ME".