It's from 10am-5pm. It does take place near Tree of Life, but farther back between Island Mercantile and Discovery Trading Co gift shops.
It's not a "show" exactly - the puppets are there and they mingle with the guests. You can touch the puppets and take photos with them. The puppets/puppeteers come out in small groups and then switch out probably about every 20-30 min. We arrived there Sunday almost 3:30pm, and after awhile of waiting for the switch, I asked a cm when the next group would come out and she said 3:50 (she was right). So they must have set (unpublished) times of when they switch out the puppets if you're wanting to see them all like us.