The Olive Lake Trail follows the entire shoreline of the lake. It is an official Forest Service trail, but doesn't have a designated trail number. You can access the trail at many places throughout the campground, as there is no official trailhead or starting point. The trail is usually in good shape with few trees down, but appears to see low usage. There is no signage prohibiting bikes, so you could do this trail on a MTB.
Lake Creek flows into Olive Lake at the south end and flows out on the Northside, just to the west of the dam. This is the same Lake Creek that flows south of the Lake Creek Trail #3018. On the south side of the lake, steep cliffs give way to deep swimming holes in the cold, snowmelt-fed lake.
This is an easy, family-friendly trail that doesn't take longer than a couple hours to complete. If you hike or ride the trail clockwise, it will end at the dam where an old wooden pipeline can still be seen from the early 1900s when water flowed down from the lake to the Fremont Powerhouse to generate electricity for gold mining activities.