This 8.8 mile "loop" is not a true loop and the trail ends 4 miles apart along Independence Pass, so a car shuttle is recommended. I would recommend starting at the west trailhead (closer to Aspen) but will describe both trailheads so you can set up another car or shuttle at the other one.

1) West Trailhead: Drive 14 miles east of Aspen on Highway 82 to the parking lot directly across from Lost Man Campground. The trailhead begins on the left (north) side of the road.
2) East Trailhead: Drive 18.5 miles east of Aspen on Highway 82 to the parking lot at the last switchback before the top of Independence Pass. The trailhead is on the left (north) side of the road.

After half a mile from the west trailhead, you'll come across Lost Man Reservoir. Continue through the valley and at the 4 mile junction, stay right and continue uphill to Lost Man Lake. After this lake, hike to the top of the pass and you'll come across a view of Lost Man Lake, Independence Lake, and a whole lot of mountain peaks. Continue for 4 miles downhill until you reach the east trailhead at Hwy 82.