Ramona Falls is one of the most popular trails / hikes in the Mt Hood National Forest. At 7.1 miles round trip and ~1000 feet of elevation gain it is very accessible. Though do be warned the seasonal bridge that went over the Sandy River washed out several years ago and the Forest Service never replaced it, so you do have to forge over logs in the river. This can be very challenging early in the Spring and Summer when snow is melting and the river is raging and high.
The “lollipop loop” starts out at the Ramona Falls Trailhead parking lot. You’ll start out along the Sandy River Trail before crossing it across non-maintained logs (see above). If you are lucky you will also get a view of Mount Hood. Shortly after crossing the river you will come to a trail junction, you can go either way but for this FKT take the trail to the right along the Pacific Crest Trail (PCT). You will continue to run parallel with the Sandy River. After about 1.4 miles you will come to a junction with the Timberline Trail (600) where you will take a left and short after arriving at the falls.
After taking an obligatory picture of the falls you will continue back along the Ramona Falls Trail (797), where after ~1.8 miles you will come back to the junction with the PCT completing the loop of the lollipop. From here you will cross back over the river and continue back to the start.
While unsubmitted, it seems that Jerry Mejia (https://www.strava.com/activities/2590968270/overview) has run a very solid 1:08 time for the lolipop on 7/28/2019 which would be the current 2nd fastest known time for the route. Jerry Wardlow recently ran 1:03.