It can be a strenuous hike due to the high altitude. This is one of the fastest and easiest climbs of any 14er in Colorado.
A mile South of Fairplay, turn West onto 4 Mile Creek Road (dirt) and follow it for about 8 miles. The road passes a number of excellent camping spots and finally ends at the ruins of an old mine. Parking is available about a quarter mile from the mining area. Don't park at the gate as its possible you will get towed.
Hike from the parking area at 12,000 feet through the ruins of the old mine. There are a number of old railroad ties, mining cars, and the ruins of the closed mine can clearly be seen. The trail follows the old mining road up the mountain. At 13,000 feet, the remnants of a large, 3-story mining building can be seen clinging to the side of Mount Sherman. Just before this point, the trail leaves the mining road and ascends the saddle that spans Mount Sheridan (to the left) and Mount Sherman. Follow the trail to the right as it switchbacks to the top of Mount Sherman. From the summit you'll have an expansive view of Leadville and the Sawatch Range to the West and the South Park grassland basin to the East. On an especially clear day, its possible to see Pikes Peak to the East-Southeast!
To descend, simply follow the trail back down the way you came.