I saw a blurb about this in a tourist magazine while eating breakfast in Steamboat and decided to check it out. Was very pleasantly surprised - although pretty short (even with the side trip out and back to the wilderness boundary) it was a worthwhile ride.
Head up Mad Creek Trail a couple miles at most. This is generally wide hardpack with a few broken sections - lots of dogs and hikers. You'll hit Saddle Trail on your left. You can take this or continue up the main trail all the way to the wilderness boundary (couple miles more) to add some fun, fairly easy singletrack. Take Saddle Trail and begin an "extended" climb to the intersection of Red Dirt. This starts a skinnier, fun singletrack descent back to the road. Here, ride south on the road about a mile or so back to the trailhead.