C:\tools\redmine-5.0.5>bundle exec rake generate_secret_token --trace
rake aborted!
Bundler::GemRequireError: There was an error while trying to load the gem 'pg'.
Gem Load Error is: AddDllDirectory failed for C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/x64-mingw-ucrt
Backtrace for gem load error is:
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/dll_directory.rb:104:in `add_dll_directory_winapi'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/dll_directory.rb:64:in `initialize'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/singleton.rb:12:in `new'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/singleton.rb:12:in `add_dll_directory'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:15:in `block in <top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:26:in `rescue in <top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:4:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `block (2 levels) in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `block in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler.rb:187:in `require'
C:/tools/redmine-5.0.5/config/application.rb:18:in `<top (required)>'
C:/tools/redmine-5.0.5/Rakefile:5:in `require'
C:/tools/redmine-5.0.5/Rakefile:5:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:710:in `raw_load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:104:in `block in load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:103:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:82:in `block in run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:80:in `run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/exe/rake:27:in `<top (required)>'
C:/tools/Ruby31/bin/rake:33:in `load'
C:/tools/Ruby31/bin/rake:33:in `<main>'
Bundler Error Backtrace:
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:63:in `rescue in block (2 levels) in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:59:in `block (2 levels) in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `block in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler.rb:187:in `require'
C:/tools/redmine-5.0.5/config/application.rb:18:in `<top (required)>'
C:/tools/redmine-5.0.5/Rakefile:5:in `require'
C:/tools/redmine-5.0.5/Rakefile:5:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:710:in `raw_load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:104:in `block in load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:103:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:82:in `block in run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:80:in `run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/exe/rake:27:in `<top (required)>'
C:/tools/Ruby31/bin/rake:33:in `load'
C:/tools/Ruby31/bin/rake:33:in `<main>'

Caused by:
RubyInstaller::Runtime::DllDirectory::WinApiError: AddDllDirectory failed for C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/x64-mingw-ucrt
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/dll_directory.rb:104:in `add_dll_directory_winapi'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/dll_directory.rb:64:in `initialize'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/singleton.rb:12:in `new'
C:/tools/Ruby31/lib/ruby/site_ruby/3.1.0/ruby_installer/runtime/singleton.rb:12:in `add_dll_directory'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:15:in `block in <top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:26:in `rescue in <top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:4:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `block (2 levels) in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `block in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler.rb:187:in `require'
C:/tools/redmine-5.0.5/config/application.rb:18:in `<top (required)>'
C:/tools/redmine-5.0.5/Rakefile:5:in `require'
C:/tools/redmine-5.0.5/Rakefile:5:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:710:in `raw_load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:104:in `block in load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:103:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:82:in `block in run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:80:in `run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/exe/rake:27:in `<top (required)>'
C:/tools/Ruby31/bin/rake:33:in `load'
C:/tools/Ruby31/bin/rake:33:in `<main>'

Caused by:
LoadError: 126: Das angegebene Modul wurde nicht gefunden.   - C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg_ext.so
C:/tools/Ruby31/lib/ruby/gems/3.1.0/gems/activesupport-6.1.7.2/lib/active_support/dependencies.rb:332:in `require'
C:/tools/Ruby31/lib/ruby/gems/3.1.0/gems/activesupport-6.1.7.2/lib/active_support/dependencies.rb:332:in `block in require'
C:/tools/Ruby31/lib/ruby/gems/3.1.0/gems/activesupport-6.1.7.2/lib/active_support/dependencies.rb:299:in `load_dependency'
C:/tools/Ruby31/lib/ruby/gems/3.1.0/gems/activesupport-6.1.7.2/lib/active_support/dependencies.rb:332:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/pg.rb:5:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:60:in `block (2 levels) in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:55:in `block in require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `each'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler/runtime.rb:44:in `require'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/bundler-2.4.17/lib/bundler.rb:187:in `require'
C:/tools/redmine-5.0.5/config/application.rb:18:in `<top (required)>'
C:/tools/redmine-5.0.5/Rakefile:5:in `require'
C:/tools/redmine-5.0.5/Rakefile:5:in `<top (required)>'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/rake_module.rb:29:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:710:in `raw_load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:104:in `block in load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:103:in `load_rakefile'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:82:in `block in run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:186:in `standard_exception_handling'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/lib/rake/application.rb:80:in `run'
C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/rake-13.0.6/exe/rake:27:in `<top (required)>'
C:/tools/Ruby31/bin/rake:33:in `load'
C:/tools/Ruby31/bin/rake:33:in `<main>'

C:\tools\redmine-5.0.5>cd C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/

C:\Users\user1\.local\share\gem\ruby\3.1.0\gems\pg-1.2.3\lib>ls
pg  pg.rb  pg_ext.so

Comment: C:/Users/user1/.local/share/gem/ruby/3.1.0/gems/pg-1.2.3/lib/x64-mingw-ucrt from the error message does not exist
It seems like installation of pg 1.2.3 was not done correctly, maybe?
Note: "gem intall pg -v '1.2.3' -- --with-pg-dir=C:\tools\postgresql" was necessary before "bundle install"  to work without errors