A view of the Lake with Paulina Peak in the background
Bridge over the outlet of Paulina Lake
The Lake Trail travels around, not surprisingly, the entire Lake. It's not a difficult hike, but it is long--about 7.5 miles. Along the way you get lovely views of the lake, traverse a lava flow that goes right to the edge of the Lake, and cross a charming bridge that takes you over the Lake's outlet.
Since my trip, I've learned that folks at the University of Oregon's Anthropology Department worked on a site close to the Lake's outlet and uncovered the remains of North America's oldest house! For more, check out their website.