Apparently this puzzle is random, so it isn't possible to provide a one-size-fits-all solution.
The developers say this about the puzzle:
Click on the Top Stump.
Place the a COMPASS (or combination of the COMPASSES) so that the holes match up and point in the direction to head in. Generally you need 2 COMPASS pieces to complete each stump. This part is random, so follow the arrows until you reach the Totem with the Ugly Mug on top.
There is also a walkthrough here
as well as the one here
There are also video walkthroughs of the game - that might help, as well.