One of the more accessible backcountry waterfalls in the area, Sheep Falls is actually an elongated cascade that defines the remote forest settings of the Upper Henry's Fork.
The main falls cuts through chute of basalt and tumbles for 30 feet or so in dramatic fashion. Compared to more majestic (and congested) attractions like the famous Mesa Falls, Sheep Falls is really not that spectacular. It more than makes up for the "wow" factor with accessibility, however.
After a short hike (half mile at the most) to the river's corridor, you can walk right up to the water feature and follow it along the bank. From the falls downstream, you can rock-hop to your heart's content. Just be careful--the rocks can be deceptively slippery, even when dry.
On your excursion you'll likely encounter a few anglers testing their skills in the swirling pocket water. Rainbow trout are reportedly plentiful in this stretch of river, although not as large as found in other stretches of the Henry's Fork. Deer, elk and moose also frequent the area, and yes, this is also grizzly country. Bear bells and pepper spray would be a good idea, especially for early and late daylight hikes.
The turnoff is easy to spot--if you're looking for it. Just head 6 miles north on Highway 20 from Ashton and hang a right. the dirt road at the trail head is a little dicey for sedans, but it's a piece of cake for any four-wheel drives.
Needless to say: Don't forget your camera!