This route description is based on a start from the lower trail head, so mileage and elevation gain will reflect that starting point. If using the Clear Creek Road trail head, you can subtract 400 feet of elevation gain. Mileage will remain about the same. Both trails join together not long after crossing Clear Creek.
From the lower trail head parking lot that can accommodate a large number of vehicles, begin hiking on the well-used and popular trail to Lower Ice Lake Basin. It's less than 2 miles into the lower basin area. The trail levels off some into the basin after a steep section of climbing on switchbacks. If backpacking into here, there are a number of good campsites in the lower basin. Not long after the trails levels in the lower basin, watch for a secondary trail turning off at these coordinates, on the right. N 37° 48' 45.33" W 107° 47' 29.55". This trail leads up first north, then west, then north again across mostly tundra to Island Lake. Beyond the lake, it actually crosses a pass NNE of the lake. You could follow the trail all the way to the pass, then turn right and follow the rock, rubble and scree ridge crest to the summit. This would be the most "gentle" approach. If following the ridge crest, stay on the south side when encountering difficulties and you should also find more than one "path" that leads along the ridge crest to the summit.
The other choice would be to ascend the south slopes of V2, beginning the ascent from a flatter area a little east of Island Lake, and aiming straight for the summit or a little left (west) of the high point. Three-fourths of this ascent will be on tundra, with the last fourth on scree and rubble that's not too difficult to handle. The actual summit ridge is more of a rocky outcrop with a little bit of exposure on the north side that drops away to Clear Lake far below.
Descend to the south by any route of your choice or return by the west ridge to the saddle and then follow the trail back down. Best feature of this hike: the abundant and verdant wildflowers of Lower Ice Lake Basin and up towards Island Lake.
An alternate route for V. 2 exists by driving up to Clear Lake and hiking from the SW end of the lake in a SW direction to gain the west ridge of V.2. While this can reduce overall elevation gain, a 4WD vehicle is required and the there will be more rock to deal with.
Links to other information, routes & trip reports for this peak that may be helpful.