From the parking area, or shuttle stop, it's a fairly short walk through a wildflower meadow to the lake. The lake is a lovely spot itself. The view of the Mararoon Bells from the lake is stunning! The walk to the end of the lake is not long and the far end of the lake is a sweet spot with a little bridge, a bench, and a beaver dam.
If you want to hike farther, head up to Crater Lake, or take the (shaded) Maroon Creek trail form the parking area.