This is usually ridden as an out and back. Park at the dam and ride the trail along the lake to Mayqueen Campground. It's a great trail to acclimatize on due to little elevation gain and nice climbs.
For a great addition; ride to Mayqueen then left up the road to Hagerman Pass Rd. Take a right on Hagerman Pass and your first left onto Sugarloaf Pass Rd. Ride up the pass then left at the top back down to Mayqueen on the Colorado Trail.