Readers agree to evaluate the significance and limitations of the information provided, and accept full responsibility for the application of this information. In order to promote drying of wood in its most natural position, I have heard of cutting a ring through the bark at the bottom of a live tree and treating this area for bugs. The ring method is commonly called girdling, and involves severing the cambium of the living tree. Girdling will kill the tree, but blue stain is likely to develop within a few weeks, depending on the weather.
Insect damage is likely, as well.
Some decay under the bark might be expected if left standing too long in a moist environment. If the tree is not in a dormant stage, a single ring cut around the tree may not be totally effective. An active, healthy tree may actually bridge a single cut quickly enough to recover. Make two complete rings around the tree with a saw a few inches apart. However, unless you are short on space, you are far better off sawing as soon as possible.