Honestly, if you're in Arenal, you'll see the volcano. It's impossible to miss. Seeing the lava is another story... From some of the hotels you may automatically see it at night but, as the lava recently changed course, this will not be an option for many travelers.

I did the Volcano Hike through Sunset Tours and I would recommend the organized hike. Since the lava changes directions, it's helpful to have a guide from the area take you out to the area it is known to flow to help you see it, which thankfully we did. The guide will also inform you about other fun volcano facts, as well as take you on an easy hike in the adjoining rainforest. All in all it is a very enjoyable experience.

I developed a severe itchy armpit area fungus that I attribute from the hotsprings and naturally dried towels, it was a nasty uncontrollable itch that I didin't understand, until my doctor told me there was a fungus growing on my skin, probably from the unchlorinated 'natural' pools at Baldy hot springs or the air dried towels. Anyhow, it has plagued me for almost 6 months - don't use the pools or the towels....I have been informed!

the volcano is awsume, we stayed at the cerro chatto lodge la fortuna. miguel the owner drove us any where we wanted and showed us some secrets about the volcano park and where to go.and some of the surrounding areas.
if your going to veiw the volcano you see it daily from the cerro chatto lodge. you just have to look up the lodge no email is allowed on this post

I only spent one night in Arenal, and I wish I could have been there longer. At night we went to a hot springs that was owned by a resort. It was amazing. the surrounding town is also nice, but nothing special. The volcano is also nice, but the top is often blocked by clouds, so if you only have a little time to spend there, you'll have to get lucky if you want to get some good views.