The wolf has the cat treed; she cannot escape as there are no other trees to jump to. After a while, she settles on a naked branch to wait. Their eyes are locked even as their heads rest on their paws. He knows he has likely failed, but there is always a chance she will panic and come down to test her luck on open ground.
It is only a matter of time: come sunrise the moon will pass from the sky. They will make the change and — sheepishly collecting their clothes — make their way back to town.