  In this paper, we use an M-theory model to conjecture the refined
reminiscence of the OSV formula connecting the refined topological string
partition function with the refined BPS states partition function for the toric
Calabi-Yau threefolds without any compact four cycles. Further, we show how to
use the vertex operators in 2d free fermions to reproduce the refined BPS
states partition function for the $\mathbb{C}^3$ case and the wall-crossing
formulas of the refined BPS states partition function for the resolved conifold
and $\mathcal{O}(-2)\oplus\mathcal{O}\rightarrow \mathbb{P}^1$ cases.
