Cut Paste is used for cracks or breaks in branches, because it is a runny consistency it can seep into the affected area and seal off properly. Most pastes will be coloured to match most trees so it doesn't stand out.
Cut Putty is used for large wounds on trunks or branches created by the removal of branches or trunk chopping. The putty has the consistency of Blu Tak and is easy to work over a large area, it will adhere to the wound site and seal off perfectly. Once the wound has healed it is also easy to remove which prevents loss of bark and prevents damage to the tree.