A word about the trail itself. It's not a well-traveled trail. Although marked, you might encounter some large, fallen branches and experience some uneven footing. It's not especially well designed, at times it slopes so much toward the lake, that you really have to watch your footing. But having said that, the views on the west side of the peninsula are the best views to be had of Watauga Lake and those who camp there in the summer must absolutely love it. For information on the campground, click here.
Update 11/15: Seems parts of the trail have been closed due to erosion (mostly on the east side of the peninsula). It is still accessible in places and I'd still recommend that you explore Cardens Bluff! Click map below to enlarge:
Directions: From Hampton, TN, turn north onto Route 321/67 (heading toward Mountain City, TN) and travel 4.1 miles to Carden's Bluff, which will be on your left. After parking at the gate, walk into the campground, soon the road forks, stay right and continue walking until you get the the well-marked trailhead on your right.