I park near the Humane Society on Sundog Ranch Road off of Prescott Lakes Parkway. Parking here is $3 daily (except for Wednesdays when parking is free). I normally take a clockwise route on the trail starting and ending on the Peavine Trail. Head north on Peavine for about 1/3 of a mile and then take a left on the path that leads through the Watson Woods Riparian Reserve.
Make sure you have on you hiking boots as you will be climbing over the boulders and will need shoes that can give you traction on the rocks.
You then circle the lake first on the North Shore Trail. They you come to the "Secret Cove" behind the dam. Feels and looks like a tropical forest.
The Trail then continues on the Over The Hill Trail. This is by far the most difficult part of the hike but very fun at the same time.