The Standing Stones
Your first Red Present is easy to find, sitting right on top of a hill right in the middle of the area. Hop on a star jumper and open it up.
The second Red Present is to the left of the mound containing the first. Hop on a jumping star to get up to it.
The third Red Present is on a hill on the right of the map, at the end of a path guarded by jumping stars on all sides. Walk across the path to get to it - and avoid the stars, which will toss you in a direction that won't help.
The fourth Red Present is in the second area of The Standing Stones. You'll need to manipulate the bridge to get access to the platform where it waits for you all the way to the right.
The fifth, and last, Red Present of the area is just beyond the fourth, tucked away all the way to the left right after your first opportunity to deck out Iota in some customized gear.
There's only one blue present here, and that's in the big open area where the first three Red Presents are as well. To get it, you'll need to play a little hoops with the gophers. Pick up a critter and toss one in each of the three basketball hoops to receive it.