Downloading and installing the new Arduino IDE for ESP8266

Moderator: igrr

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By samtal
#89095 Hello,
Win10, Arduino 1.8.13 with esp2866 package
On IDE compilation for generic esp8266 board I keep getting:
"exec: "/bin/xtensa-lx106-elf-g++": file does not exist
Error compiling for board Generic ESP8266 Module."

I have the /bin/ folder with the "xtensa-lx106-elf-g++.exe" file in it (among others).
I have tried to place that folder in various locations, but I keep getting the compilation error.
Can anyone tell me where to place that folder in order to resolve the error? (verbose, please)