Obviously a cylinder and the red paint would tend to indicate a farmall tractor. My best guess is that it goes between the tractor and some kind of plow or harvester under the tractor as a kind of shock absorber. Those tools cannot be fixed or the tractor would tear it off when it hits resistance. The cylinder is sealed but adjustable, it compresses a little and then pushes back, meanwhile adjusting the pitch of the tool it's protecting. Probably air filled, not hydraulic.
Surprise to me, after WW-II, Cessna also made tractor parts in a fluid controls division.