Ragnarok's Canyon is the first stage from Battletoads. It takes place on the surface of Ragnarok's World.
The only pure beat 'em up level of the game, Ragnarok's Canyon is a simple stage which serves to get you acquainted with the game's controls and mechanics. You'll fight a few Psyko Pigs which can be easily dispatched and two Walkers, which allow you to pick up their legs once they're defeated. Halfway through the level you come across the Dragons, which you can knock and hop on their backs, using them as a vehicle. Right before the boss there is an 1UP which you can pick up by jumping.
Right at the beginning of the level you can find a warp to the third stage by quickly headbutting the two Psyko Pigs and rushing to the elevated platform on the right. However, it's not recommended to use it unless you're speedrunning the game, since you'll be unable to hoard extra lives on the second stage.