If the Reds Meadow road is open I would take the shuttle down to the trail head for Rainbow Falls. You can also continue hiking down to the lower falls but it's not as spectacualr.

Or stop at the trailhead for Devils Postpile, visit that, back track to the San Joaquin River, cross it at the bridge and turn left toward Minaret Falls.

We've done the biking down the mountian. Fun. We needed lots of bandaids. Ok it was just me who needed ltos of bandaids.