The main bikeable route is a simple 6 mile loop, best done clockwise. Look for the singletrack on the left. The dird road behind the gate is where you'll come out. There's a stiff climb through the ponerosa forest with some techy rock gardens. Then a steep, switchback drop down the northern flank of the mountain to a creek that will take back to Lake Maloya.
From Raton, take highway 12 east and follow the signs to Sugarite Canyon State Park. After paying your fee, continue up the highway to the dam at Lake Maloya. Park at the west end of the dam and look for the trailhead beside the restroom.
http://www.singletracks.com/item.php?c=1&i=4394