My first reaction was that it is firewood, but around here nobody wants to burn cedar because of the large amount of ash, and allergies. (I could give you a pick-up load of logs from the cedar I am trying to clear, and have to have the city haul away on their twice-per-year large brush pickup)
But, since you are a turner who either has good dust protection or isn't bothered by cedar allergies, here is what I would do...
First cut, remove the bump that is above your tape from the 5 to 8 inch point. The grain gives you a 7 inch piece for a spindle turning, like your baby rattles.
Second cut, about 3.5 to 4 inches inches off the left side, through the occlusion on the left side, and bypassing the dirt pocket on the top side, near where you removed the first piece. Hopefully you will have a flat area about 7 inches long (the length of your log). That flat area is the ideal starting point for the inside of a bowl, and the bark is the outside of the bowl My guess is that you could cut it in half and get two bowls about 3 1/2 inches in diameter and 3+ inches deep. My technique is to drill a hole on the flat side for a screw chuck, turn the outside of the bowl including a tenon on the bottom, reverse the bowl and chuck it in the tenon while I turn the inside. Finally either make the tenon into a feature (base) or trim it flat with a bandsaw.
Third cut to remove the occlusion what would be about at the 6 inch point if you pivot your tape, across through the indentation where you removed the first piece. Actually cut across the max width across that point, my guess is you would have a slab almost 8 inches wide and 7 inches long, perhaps 4 inches thick, with a bowl waiting to emerge - top along the cut, bottom towards the bark as usual.
You might end up with a slab about an inch thick, that I would call lumber, but spinny people with more experience than me, might call a plate (where a plate is a wide bowl less than an inch deep).