The opening scene begins in the late 1800's, with a group of lumberjacks eating what looks like a big ox. Uh oh. The foreman (Dan Haggerty of Grizzly Adams) goes off to take a pee and when he comes back everyone is slaughtered, chopped to bits with an axe. The murderer steps out--and it's a hideous looking mutant. He kills Haggerty in the saw mill. Then, we go to the present day where this same creature has grown to gigantic proportions and kills a bunch of young adults doing community service. By now, he's twenty feet tall. Joe Estevez (brother of Martin Sheen, Uncle to Charlie) shows up and explains that this is the basis for the Paul Bunyan legend. It turns out that it's really the deformed son of the local lumber baron, who has a rare disease. When food was scarce that winter, the lumberjacks killed and ate his pet blue ox, Babe--and it enraged the monster. And that's what prompts the recent killings---the criminal teenagers unwittingly disturb Babe's remains and it pisses Bunyan off.
In tone, it's along the lines of that Bigfoot movie that starred actors from The Brady Bunch and Partridge Family. It's sort of funny, gory and predictable.