I would go ahead and start rooting it.

I am rooting one right now using the bag method. I just take a quart ziplock bag and fill 3/4 with lightly moist potting soil. I then lightly tie the top of the bag with a rubber coated wire. Place that in a warm room, and don't touch it for about 4-6 weeks. You should eventually see roots, and can pot it, and lightly water.

Well, hope for the best, but the wrinkling is a bad sign. Many methods but I just keep cuttings in a dry dark place all winter and then stick it in potting soil about March or April.

Good luck, LB

I've heard a few different methods about working with dehydrated plumerias. One is to stick the cutting into a pitcher of water for about 48 hours and it should rehydrate. I have not tried this method personally.

I instead wrap moist paper towels around the stems and the cutting will draw moisture that way. Just keep the paper towels moist with a spray bottle and change the paper towels once a week. This has worked for me in the past.

I also suggest bag rooting, even though its a method I just started using. I like to be able to see the roots developing. As jedoba stated, only lightly moisten the soil as the moisture will stay in the bag. Too wet and you will get stem rot, too dry and it may not do anything. I tape my bags up with electrical tape