When enchanted creature dies, return that card to its owner's hand. If that card is returned to its owner's hand this way, you may pay. If you do, return Puppet Master to its owner's hand.
5/1/2008 You only get the opportunity to pay (and thus to return Puppet Master to its owner’s hand) if the creature card actually gets returned to its owner’s hand. If it isn’t (for instance, if it was removed from the graveyard prior to this ability resolving), you don’t get the option to pay.