The trail gains over 350 feet in elevation and rambles through sagebrush meadows and stands of trees. The beaver ponds are approximately half-way around the loop. You might see beavers or their sign, but you are more likely to see muskrats and water birds. Along the way, look for bears, elk, mule deer, pronghorn, and moose.
Safety notes: Grizzly and black bears frequent this area.
Trailheads: North of Liberty Cap, near the stone house or behind Mammoth Hot Springs Hotel at start of Old Gardiner Road.