That's exciting!

The orange ball is the fruit surrounding one or more seeds. The seeds will grow as the fruit ripens and leaving it on your plant while it does so increases the likelihood of a successful propagation. It will also make it easier to remove the fruit pulp from around the seed(s). Once the fruit has become soft, you can remove it from the plant, cutting back the flowering stalk to do so. Use a sterilized cutting tool and protect the small wound on the parent plant from human contact and dampness while it heals to avoid infection. If the fruit ripens and falls from the plant on its own, that's okay too. 

Gently remove the seed(s) from the fruit, rinse them and allow them to dry for 3 days. Then they are ready for planting preparation. Both soaking and scarifying are recommended for the best chance of success. Soak seeds in water for 3 days and scarify the seed surface afterwards with a file. Prepare a small pot with a drain hole for each seed by filling it with barely-damp, seed starting potting mix. This pot will be a temporary home so it is fine to use a 2-inch or so, plastic nursery pot.

Place the seed onto the soil and cover it with a fine layer of potting mixture. Enclose the entire pot into a sealed plastic bag and place it on a warm germinating mat or in a room with a consistent temperature of 70 to 75°F. and keep in bright but indirect light. If the plastic bag becomes very wet on the inside, open the seal to let water evaporate before resealing.

The seed has the best chance of success if you can complete the ripening-preparation-planting process in spring or early summer. You should see signs of growth within two months. Until that time, water the seed sparingly, only maintaining a damp soil. Too much water can overwhelm the seed. Once the seed shows signs of growth you can remove it from the plastic bag. When true leaves are formed and you can gently tug on the seedling and feel resistance from roots, transplant your seedling to standard potting soil in a small pot.

Courtesy of NYBG Plant Information Service