Trying to have object spin within player and always face "up" relative to camera [example pics of what I'm trying to achieve in post]]

Not really sure the best way to describe what I'm aiming for, so here are some example photos of what I'd like to accomplish. (I paused and manually rotated the indicator arrow to show what I'm trying to achieve, and the arrow is double sided). I want to have that arrow's x and z rotation based on the player (the cart), and then have the arrow "spin within the cart" to face up/forward relative to the camera. The camera behaves like most third person cameras and orbits around the player.