From Crested Butte, continue 6 miles past the town of Gothic to Rustler's Gulch Road. Turn right on the road, cross the East River to get to a small parking area near the river. If you don't have 4WD, park here and hike another 1/2 mile to the trailhead. It's a pretty steep hike. If you do have 4x4 capability, continue on up the road to the trailhead. There is no lot for parking at the trailhead, so just park along the road, leaving enough room for other vehicles. 

The trailhead starts through a field of flowers and continues through the woods. It follows a river that you will have to cross several times. I would recommend wearing water-resistant shoes (Chacos or Tevas), as the water is very high in some points and you will have to walk through it. You can continue on this trail all the way through the gulch to the large waterfall and views of Precarious Mountain (13,306 feet). Make sure to bring your camera!