From your car, take a right onto Forest Service Road 58, which leads to the Lost Lake Trail's trail head. Then, continue past the gate across the road until you see an even smaller dirt road that cuts off to the left across a creek. Proceed by following the dirt road as it switchbacks its way up the mountain. Ignore the singletrack peeling of the road because they were worn in by hikers cutting off the switchbacks and riding them will harm the environment.
Once you have reached a true trail junction (complete with a sign), turn left onto the Lost Lake Trail. From there you will continue your long climb through lush forests filled with roots and rocks. Here the trail's grade is delightfully mellow, allowing riders to put some power down. After completing the majority of the climb, the trail flattens out and runs along the side of a very exposed ridge through talus slopes. Be careful, as the risk is often off the charts due to the loose talus. Eventually, the flat trail will point downwards, plopping you at Lost Lake.
After soaking in the extreme beauty that is Lost Lake, riders will endure a brief undulating section through a couple more talus slopes and along some less exposed ridge. When you reach the trail junction with Horseshoe Lake Trail, you're long pay-off will finally begin.
The descent goes by in a blur as you start high up among the talus but quickly plunge down towards the East Fork of the Red River. You'll cross creeks just upstream from cascading waterfalls, rail switchbacks cut into the mountainside, and bomb down the trail as it grows increasingly void of technical features. In no time, you'll be at the bridge crossing the East Fork. The trail continues by briefly climbing up the opposite bank before flattening out for a mile or two. On this slightly more technical portion of the trail, the river will continue to drop as you stay level. Make sure to take a left at the junction with Sawmill Creek Trail.
At the very end of the singletrack, you will ride the final descent down the mountain to the trail head. After passing the trail head, ride down Wheeler Peak Road to the intersection including the end of NM 578, the location you started.
Throughout the ride, make frequent stops to take pictures. At almost every turn, a new view will unfold in front of you. These views combine to make this ride one of the prettiest in the country. Enjoy!