To do this as a loop, you can go either direction around the lake--it just depends on whether you want to do the pavement first and the singletrack last or vice versa. I perfer to get the pavement out of the way first, which means clockwise. The singletrack is also funner this direction. Of course, you don't have to do a loop as the singletrack (counterclockwise) makes a great out and back. As you head counterclockwise, the singletrack by the campgrounds is smooth and fast (but watch for campers). The further out you get, the rougher the singletrack gets. Although there is little elevation change, the elevation and rough tread will make the ride take longer than you might think. Combine the loop with the Hagerman Tunnel ride for a real epic.
From Leadville, head south on US24 3.5 miles. Turn west on 300. Go right on CR5. Go 1.9 miles and turn left, following the signs to Turquoise lake. Go 1.3 mi and turn right at the sign to Matchless Boat Ramp. Follow signs toward the boat ram. After the fork to the boat ramp, take the second right into the parking area closest to the water. FEE AREA.
http://www.singletracks.com/item.php?c=1&i=2335