You need to define a ToolTip and write an MouseOverEventHandler for the TreeView. In the MouseOverEventHandler calculate the node above which mouse is positioned, then show the description ToolTip. Also make sure you are not setting the tooltip description more than once, otherwise the behavior is quite ugly.
A better way is to show the description in the StatusStrip - bottom left of the Form.
Update:
OK since you have clarified your question. You can use ToolTip.Show
method where you can specify coordinates:
public void Show(
string text,
IWin32Window window,
int x,
int y,
int duration
)
Obviously, you'll have to add offset to x and y.