Guatape is a very beautiful, colorful small town east of Medellin that you can get to in just 2 hours by public bus or car.
We chose to arrange for a private driver through our hotel (The Charlee Hotel) and we're so glad we did. Our driver was Carlos, a local of Medellin, took us to several extra stops along the way that we would't have experienced by taking public transportation.
The entrance ticket is less than $5 USD. It's a legitimate little hike up to the view point. I was surprised to see that there were actually some medical staff members at the half way point waiting to help people who underestimated the climb.
Carlos recommend we eat at La Fogata. The smells from their barbecues and being situated right across the street from the lake, have people lined up to order the grilled trout and the traditional bandeja paisa. A protein overload of pork cracklings, ground beef, sausage, beans, avocado, fried egg and an arepa. Often times washed down with sangria and beer.