Align the level vertically with the installed stove pipe.
Look at the bubble inside the level. If the bubble is perfectly centered between the two lines in the bubble vial, the stove pipe is plumb.
Adjust the stove pipe if the bubble is not centered between the lines in the vial because it is not at a 90-degree angle to the ceiling.
Hold the plumb bob at the ceiling against the middle of the outside of the wood stove pipe.
Wait for the weight at the bottom of the plumb to stop swinging.
Check the plumb bob. Note that the pipe is perfectly plumb if the tip of the plumb bob rests in the middle of the outside of the stove pipe at the bottom of the pipe.