Begin to wind the herl forward toward the eye in touching turns. You need to be a bit careful making the first few turns; the herl is very thin at this point and an encounter with the hook point is fatal.

If you've guessed correctly you wind up with the bare herl ending at the point where the thread is hanging. You can cheat a little bit if you're close by moving the tie in thread a bit in either direction before tying it down securely. But if you are off by anything more, unwrap and start over.