Smelling coolant after driving hard??

Well i was driving my car farily hard to day because it was such a nice day and everyone wanted to go so I had some fun....but after the frist few hard runs i started to smeel coolant burning, i have noticed this before? What coudl this be, I have talked to some other friends with 5.0's and they all say it happens to there car too. So whats going on?

well i had a drop in the level, according to the sensor yesterday then when i went to fill it up it was over the line and so far today the light hasn't come back up.....why the hell would you put a sensor in the over flow tank