Yeah, it does tell you how to do it, but you have to search and spend some money to find out.
In the bottom far left screen (where there are four tree trunks and some Peahats floating around) there's an opening to a shop where you pay the merchant 10, 30 or 50 rupees and she'll talk. If you select 10 or 50 rupees you learn nothing. If you select 30 rupees he says, "GO NORTH, WEST, SOUTH, WEST TO THE FOREST OF MAZE".
As a side note, if you give her 10 rupees she'll tell you that's not enough to make her talk. Pick the 50 rupee icon and she tells you, "BOY, YOU'RE RICH!", but she keeps the money!
I remember getting stuck in the Lost Woods. While you can finish the game without going through the Lost Woods in the 1st quest, it's absolutely required in the 2nd quest. The woman who gives you the hint is devious. After trying EVERYTHING, I just decided to give her 30 rupees for the heck of it and that was the key!