We went here by 3D2N trekking from Kalaw, the weather was too bad, almost raining everyday and the road can be very muddy, but the scenery is wonderful. You can expect to see Pa-oh,Nanu and some more mountain tribes along the road.
The lake itself is also very beautiful. It is best to be visited by boat, the fee to rent a boat is around 12,000kyats for maximum 5 people, so it's good to share with other travelers in your hotel. The places recommended for the boat trip include 'jumping cat monastery' and fisher man's village. i planed to stay her for 3 days but ended up as 6, there are a lot to see here, or even walk around or join a one day trekking is interesting. But too bad there was only one sunny day out of the 6. Strongly recommend to come in dry season.