Counterclockwise: up Falling Waters Tr, then Franconia Ridge Tr, and then down on Greenleaf Tr and Old Bridle Path Tr. To be preferred, IMHO, because: 1. Falling Waters would be less fun on the way down 2. Falling Waters is below treeline up until the summit of Little Haystack, and the views then open up, which is quite spectacular. 3. The views are better walking down Greenleaf tr. than walking up