In the video, Vaughn described how to find the tree in front of Sleeping Beauty Castle:
Do you know about Peter Pan and Wendy’s secret tree in Disneyland? If you go to the right of the castle, cross the little bridge, you’ll see Snow White and the Seven Dwarfs in the distance.
Pass the wishing well and carefully head up these stairs. And if you round the corner you’ll find the secret spot of Wendy and Peter’s initials. Have you noticed this before?
According to mousewait.com, the arrow on the tree pointed in the direction of Peter Pan’s Flight, a ride that’s located steps away in Fantasyland.