Made for foot traffic, the trail is mostly single-track, and well-maintained. It follows a 3 - 4 mile trail that loops around the lake. Some ups and downs, and many stream crossings, all with bridges. However some bridges are definately made for feet only, so the bike has to be carried across. Very scenic ride will give you a great perspective for the Adirondacks. WATCH OUT for a couple of eroded drainage ditches that will put you over the handlebars unless you either stop and get off, or know how to jump them. The trail ends by coming out to a stone road. You turn right on this road and approx. 500 ft later, you will see the parking area where you parked on the left. All in all, a very worth-it ride for the afternoon. A side note: at the end of the loop, you will notice a sign that says No Bicycles, but there is not one at the beginning, which led me to do this trail.
Heading North on Rte 28 in Raquette Lake, turn right onto Sagamore Rd. Near the end of the road it will fork. To the right will be a parking area for "Sagamore Tours". Park there, then ride back out and go down the left-hand road marked for "Sagamore Guests". At the bridge that is barracaded for guests only, turn left. This is where the trail begins, marked with red trail markers. Get trail maps in Pedals&Petals shop in Inlet, NY on the way up. Very friendly and knowledgable staff (and they have bikes in there that you can drool over). Plus this will give you a chance to check out other trails in the Inlet/Raquette Lake area.
http://www.singletracks.com/item.php?c=1&i=2713