Comment 7 for bug 2049641

One idea to test. Redirect the output of the first dcraw command to a log file and attach the log file here.

From your log the command should be:
C:\Program Files\Hugin\bin\dcraw.exe -w -v -4 -T "D:\test\IMG_0001.CR2" 2>IMG_0001.log

(and yes, it should be 2>IMG_0001.log)