The disc magnet is at the bottom of the left piece of wood.
Prepare a similar piece of wood for the base.
Drill about 1 cm deep holes into the base and the top wood for the round wood stick.
The distance between the wood pieces should be about 11 cm.
At this distance, the ring magnet can float around the center.
Cut the round wood stick at the appropriate length and sand it down.
Put a little bit of wood glue in the holes and put the round wood stick in them.
Let it dry well.