YES

(VAR x0 x2 x1)
(RULES
  div(x0,div(x2,div(i(x0),x1))) -> div(i(x1),x2)
  div(i(x0),div(x1,div(x0,x2))) -> div(i(x2),x1)
  div(x0,div(x2,i(x0))) -> i(x2)
  div(i(x1),div(x0,x1)) -> i(x0)
  div(div(x0,x1),x2) -> div(x0,div(x2,i(x1)))
  *(x0,x1) -> div(x0,i(x1))
  i(div(x0,x1)) -> div(x1,x0)
  div(x0,one()) -> x0
  div(x0,x0) -> one()
  i(i(x0)) -> x0
  i(one()) -> one()
  div(one(),x0) -> i(x0)
)

(COMMENT
Termination is shown by KBO with weight

  w0 = 3
  w(*) = 2
  w(one) = 4
  w(i) = 0
  w(div) = 0

and precedence:

  i > div > * > one
)