In 2013, there are some detours near the Lionshead Gondola due to construction.
You can start from either gondola, but this description starts at the Lionshead terminal. Either way, the loop is better (and easier) counter-clockwise.
Start with the upper part of the loop and follow the signs (it's confusing in here) that lead your across ski runs and through forest on mostly level trail. The woods are nice and flower-filled, and the views in the open areas are great. As you get near Gondola One, you'll encounter some switchbacks that may challenge beginners. They're short though, and good practice for everything else on the mountain.
The loop turns around right BEFORE you get to Gondola One, slightly below the terminal building. Look for signs. Follow flat, smooth, level trail all the way back through nice forest and more great views.