Connect the pico drum flasher such that the side with the chip and the USB connector points to the left of the module, i.e., looking at the module, the header is on the right side. You want the chip and USB connector side to be pointing to what would appear to be the empty area to the left.
When flashing power must be applied to the device. No special combination is needed to enter the reprogramming mode. Simply use your tools to send the new.bin to the device.
Two additional notes:
First, I have found that many times I will not have the USB connected fully to the programmer and need to push in slightly until I hear a gentle snap.
Second, as is common with many USB devices, you may need to unplug and plug back in to get it to be picked up by the computer OS.