I guess it depends what you think stinks! lol I hate the smell it makes me sick so I put it on at night when the dogs are in the crates.
Well it does not look like Ring worm really
The signs of ringworm infections are fairly similar across most cases. While visual inspection and identification can be fairly certain, it is best to confirm your suspicions through testing. Common signs are:
•A hairless,small, round lesion has formed on the dog.
•The skin in the center of the lesion has become scaly.
•Small pustules form on the surface of the sore.
•The lesion may start out small, but can continue to grow.
•The sore may or may not be itchy.
•Lesions are most common on the head, but may also form on the legs, tail and feet.
Ringworm in Dogs - Pictures of Ringworm -Symptoms and Treatment
It looks more like a hot spot of some kind and I would still use Nustock. try the hydracortizone cream till you get the Nustock and it should start healing up

Thanks for the pictures that helps rule out ring worm.