PHPs (pulsating heat pipes) are widely used as an efficient heat transfer element in equipment thermal management and waste heat recovery due to their flexibility. The purpose of this study was to design a heat transfer device that utilizes an asymmetric pulsating heat pipe structure by adjusting the lengths of selected pipes within the entire circulation pipeline. In the experiment, a constant temperature water bath was used as the heat source, with heat dissipated in the condensing section via natural convection. An infrared thermal imager was used to record the temperature of the condensing section, and the local wall temperature distribution was measured in different channels of the condensing section. Based on an in-depth analysis of the wavelet frequency, the following research conclusions are drawn: Firstly, as the heat source temperature increases, the start-up time of the pulsating heat pipe is shortened, the operating state changes from start–stop–start to stable and continuous oscillation, and the oscillation mode changes from high amplitude and low frequency to low amplitude and high frequency. These changes are especially pronounced when the heat source temperature is 80 °C, which is when the thermal resistance reaches its lowest value of 0.0074 K/W, and the equivalent thermal conductivity reaches its highest value of 666.29 W/(m·K). Secondly, the flow and oscillation of the working fluid can be effectively promoted by appropriately shortening the length of the condensing section of the pulsating heat pipes or the heat transfer distance between the evaporation and condensing sections. Third, under a low-temperature heat source, the oscillation frequency of each channel of a pulsating heat pipe is found to be low based on wavelet analysis. However, as the heat source temperature increases, the energy content of the temperature signal of the working fluid in each channel changes from a low- to a high-frequency value, gradually converging to the same characteristic frequency. At this point, the working fluid in the pipes no longer flows randomly in multiple directions but rather in a single direction. Finally, we determined that the maximum oscillation frequency of working fluid in a PHP is around 0.7 HZ when using the water bath heating method.