When Charming Prince enters the battlefield, it triggers, exiling Fiend Hunter until the next end step.
When Fiend Hunter leaves the battlefield, its second ability triggers, returning all cards exiled with it to the battlefield under their owner's control.
At the beginning of your end step, Charming Prince triggers, returning Fiend Hunter from exile to the battlefield.
When Fiend Hunter enters the battlefield, its first ability and Preston trigger.
Resolve the Fiend Hunter trigger, exiling Charming Prince.
Resolve the Preston trigger, creating a copy of Fiend Hunter that is a 0/1 Illusion.
When the token Fiend Hunter enters the battlefield, its first ability triggers, exiling the nontoken Fiend Hunter until the token Fiend Hunter leaves the battlefield.
When the nontoken Fiend Hunter leaves the battlefield, its second ability triggers, returning Charming Prince from exile to the battlefield.
When Charming Prince enters the battlefield, it and Preston trigger, with Charming Prince targeting the Fiend Hunter token.
Resolve the Preston trigger, creating a token copy of Charming Prince that is a 0/1 Illusion.
When the token Charming Prince enters the battlefield, it triggers, exiling the Fiend Hunter token.
When the token Fiend Hunter leaves the battlefield, its second ability triggers, returning the nontoken Fiend Hunter from exile to the battlefield.
Repeat from step 5.
This elegant loop relies on Preston, the Vanisher to constantly clone our creatures as they return to the battlefield without being cast. Charming Prince kicks things off by temporarily exiling Fiend Hunter, whose delayed departure eventually sets up a recursive dance between the two. Once Fiend Hunter enters and leaves in rhythm with the token copies created by Preston, the Vanisher, you generate an endless cascade of enters-the-battlefield and leaves-the-battlefield triggers.