Terrence stayed a short distance away from the tree (out of easy pouncing distance), watching her. He could transfigure her back from here, although she might fall out of the tree. She wasn't too high, and she was probably quick enough to catch herself, but it was a risk, all the same. He glanced briefly at his watch. She had time.
He chose his moment at eight minutes, when she climbed down from the tree, and did it quickly, before the jaguar could respond to the threat. He could defend himself, of course, but that would end messily for the both of them.