Franklin Falls is definitely well worth a trip if you have time, lots of variety and some really fun short but very steep single track descents. It's only about 5 miles down Route 127 from exit 22.
There is also Sky Pond State Park in New Hampton. Leaving the parking lot head out on Beech Hill Road, it's a discontinued class 6 that would eventually bring you over to Straights Road and Winona Heights. About 3/4 mile in there is a steel gate and you'll see a trail going off to the left behind it, take that, You go down a moderate incline, cross a small stream and go about another 1/2 mile on relatively flat ground. On the right there will be 6 or 7 foot high 4x4 upright and a trail to the right. If you take that it will bring you to Bald Ledge looking over Lake Winona and be rewarded with a great view. The first attachment is looking eastward over Waukewan toward Meredith, and the second north over Winona, Hawkins Pond and Squam toward the Sandwich Range. When you come back to the post turn to the right and stay on the woods road for a few miles and it brings right back to Sky Pond. This loop is mainly known as a hiking trail but I've been biking it for years with no problems.
You could also start at the Winona Heights end of Beech Hill Road and come back toward Sky Pond and save some driving time from Moultonboro. But be aware that the steepest incline on the class 6 has been badly eroded over the years and you'll probably have to carry for a hundred yards or so.
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