Find your way to the covered bridge in Chatfield Hollow State Park. During the off season however the gate will be closed and will force you to either hike the extra .5 mile on park roads, OR find your way to the back entrance of the park on Abner Lane and hike the extra .1 mile on park roads, (access this ONLY from the Route 148 side, the north chestnut side is a bit of a challenge with small cars).
Once you have found the covered bridge, cross it. At the exit take the path at 20 degrees. Pass by the crab legged birch with a red blaze on the left and continue. Once you reach the wooden bridge, carefully cross it and continue to follow the red trail. Once you reach a HUGE two sister tree with one sister dead, stop (UPDATE 8/4/15: The huge two sister is now a HUGE stump). Take a bearing of 205 degrees to another large fir tree. From that tree you will take a bearing of 300 degrees to a maple tree with a rock cluster nearby. Inspector Compass is hidden under the rock closest to the nearby clearing.
After you are finished stamping in go to the clearing and walk out to the park road. The covered bridge is a short walk southbound on the park road.