My favorite loop hike at Thumb Butte (there are many trails that can make a loop), starts with Summit trail #33 (counter-clockwise), then West on Trail #314, South on Trail #326, West and North on Trail #392, then back East on Trail #367. This hike has a little bit of everything. I park in the Thumb Butte Parking area ($5 a day or use your Prescott National Park Pass).
We first hike up the Summit Trail #33 (the less steep route to the right) about .85 of a mile. That is where you run into the short connector trail #314 on the right. Trail #314 is only a half-mile long and then you run into Trail #326. You can go either left or right on #326, today we go left. This trail takes you mostly on a forest road on the highest part of hike. In less than a mile you will run into the Trail #392 that heads back down toward the creek. This is the prettiest part of the hike and is also a favorite of bikers so keep you head on a swivel. You have some great views of Granite Mountain to the North. Once at the creek, the trail stays close to the road. The final half mile or so is on Trail #367 back to the parking lot.
The hike was just under 5 miles long and took me about an hour and a half. Overall elevation gain is about 500 feet.
I give this hike 4 and a half boots - one of my favorites in Prescott.