Once you hit a Dead End, you must pay the penalty by waiting a set amount of time before being able to continue. Once you've done that, you will be able to try again by going back to the set of Choices you were at before hitting the Dead End.
You can not activate Rewind Tokens once you've hit a Dead End. However, if you don't want to wait, you can choose to watch an ad to skip it or become Premium. While Premium Members won't have to wait before continuing, they can still hit Dead Ends. Once you go back to your last choice, the option that brought you to the Dead End will no longer be available, so that it is not accidentally chosen again.