The Tree Beacon is a great tool for when you need extra wood but don't have much space. Place the Tree Beacon into the world and plant a sapling next to the Beacon. Encourage the tree to grow with bonemeal and you will notice the tree disappears but a ghostly shadow will stay in its place. Over time, this ghost will decay leaving behind Saplings and Wood. This can be further enhanced by Pedestals and by feeding Starlight into the Tree Beacon via a Collector Crystal.
These ghost trees will soon disappear, meaning you will need to plant more saplings. Two or three saplings will yield over two double-chests full of logs, saplings and apples. If you want to get rid of the ghost trees, destroy the Tree Beacon and the trees will appear so you can cut these down at will.