On Sunday, February 18, 2018 at 7:56:55 PM UTC-8, John Doe wrote:
I have no idea, that's why I am asking.

I just drilled into some wood, a baseboard.

Turpentine is distilled from softwoods; those softwoods can form a sap pocket (just
a crack in the tree, which filled with resin as part of the tree's 'healing' process).

So, maybe a hot drill bit went into a sap pocket and that's the aroma you
are enjoying.

Alcohol or brake fluid (glycerine) will soften/dissolve the residue
from the drill bit, if it matters.