Overview Waldo Lake is one of the largest natural lakes in Oregon. It offers a uniquely peaceful setting on the water and along remote shorelines, surrounded by forests of Douglas fir and mountain hemlock. Recreation in the area is abundant with the lake an ideal location for water activities like sailing, canoeing and swimming.Recreation Waldo Lake is circled by the Jim Weaver Loop, 22 miles of trail for hiking and biking. Bikes are allowed on the trails, but not in the nearby Waldo Lake Wilder