The gem doesn't recognize the exiftool command even when it's installed.
That's because Windows' null device doesn't follow the POSIX rules.
I added the gem 'os' to the file exiftool.rb.
I changed line #60 to
cmd = "#{self.class.command} #{exiftool_opts} -j -coordFormat \"%.8f\" #{escaped_filenames} 2> #{OS.dev_null}"
and that did it for me.