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I have tried uploading my logo with multiple dimensions (21px x 21px, 71px x 71px, 150px x 150px) and file types (.jpg and .png). It is a square logo in dimensions.
I have seen it upload into the Theme Options panel, but then after saving, it does not import to the site.
indeed, the FileURL should be chosen in the “link” options (usually it stands there by default, by on some WP configurations it has to be updated manually). This and other tips on how to use the theme options panel are also available from page 3 of the theme manual. Should you have other questions, do not hesitate to contact me!