I believe I had it upside down. Plugged it in the other way, and although I have fried the control portion, nothing is melting or popping any more. Apparently the way I had it was connecting power and ground to the signal RPM & PWM pins, which is why the PWM chip exploded.
I used a multi-meter to continuity test the 5 fan pins and using another online guide I determined that there was continuity between the fan side pin 2 and the pin on the other end of the connector. Moving the bottom pin in that image to the top slot and moving the +12V pin right next to it seems to be the correct answer. Maybe I shoudl buy a second spare just in case though.