In last snapshot compass in crafting recipe is not working, but if you want to craft it and put all ingridients in crafting table compass is working. So, you don't need to craft it at this point. Just simply put ingridients in crafting table, locate the direction and put your 4 iron ingots and 1 redstone dust back.

(Sorry for bad English. I tried my best to write it all right. I hope you understand me...)