To reach the new trail, you can climb from the main Butano Creek area (admission fee) via the Service Road or the Goat Hill Trail and Connector, reaching the Olmo Fire Road at about N 37 12.028 W 122 19.457. From there the as-yet-unsigned new trail takes off downhill approximately to the southwest. If you climb over a large tree trunk after about fifty yards in, you're on the right route. Note that the trail reaching an older cache 'Oat Bun' aka GC1344 also originates at the same point.
Update 6/3/06: The newly named Candelabra Redwood Trail is now open from Gazos Creek Road up to this cache, so it can be reached both from below and above. See Candelabra Trailhead cache for lower trailhead and parking coords. This trail is now a free 'backdoor' entrance to Butano State Park, that can take you up to the fire road caching 'power trail' circling the park.
You are looking for a small ammo can. Difficulty rating is for GPS interference by trees; it's not a wicked hide. (Cache coords were a twenty minute iteration - please provide feedback.)