Black Crater is great for a day hike or overnight trip into the 3 Sisters Wilderness. You have a great 360 degree view from the Summit~8 miles roundtrip with 2211' elevation gain.
The Black Crater Trailhead parking lot is accessed off the McKenzie Pass (Hwy 242). The trailhead starting elevation is 5,040ft. (using the iPhone app "Topo Maps". Great app) with a 3.8 Mile hike one way to the Black Crater Summit at 7,251ft of elevation. Some parts of the trail are steep and get the legs burning. Take your time and take many breaks. I had about 45-50lbs on my back so it made for a good challenge.
This hike offers amazing views of the North and Middle Sister, Broken Top and the summit of Mount Bachelor to the South. To the North, you can see the McKenzie Pass, Little Belknap and Belknap Crater, Mt Washington, 3 Fingered Jack, Black Butte, Mt Jefferson, Mt Hood and we could even see Mt Adams in Washington.