A great route that passes a few small lakes and traverses a section of the Wasatch Crest Trail. Access to Mill Canyon is $3 per vehicle paid on the way out (they take cash & card). The upper sections of the canyon are closed in the winter. I recommend hiking it on odd numbered days to avoid Mtn bike traffic - which is super heavy.
Park at the upper Bug Water Trailhead lot if you can but using the lower trailhead will only add a few hundred yards to the route. From the upper trailhead parking take the trail that goes up the old road for a bit until Little Water Trail splits off to the right.
The top of Desolation Peak is only a little extra from the Wasatch crest trail above Desolation lake and I highly recommend it on a clear day. There are opportunities for water all along the trail if you bring a filter.