Granite Falls and Hot Springs is a 1 mile out and back trail located near Jackson, WY that features a waterfall. The trail is rated as moderate and primarily used for hiking.
The trail to the hot springs is just that. If you want more of a hike go to the Hot Springs and take the trail head to the North. There are several Trail Heads along the road up to the Camping areas. Most of them are for horses, but that is how a lot of the trails started.
The falls and hot springs are great, but the trail is basically a hike on the other side of the creek from the road. Also it is heavily used by horses. Do yourself a favor and drive to the hot springs and then hike up the granite trail instead.