At the top of Elephant Rock, several hundred feet above the Worst Error Pinnacle is an obvious steep headwall studded with countless black knobs. Pink Elephant climbs the right-hand side of the headwall, around the corner from Elephantiasis. If you are planning to climb to the summit of Elephant Rock after doing something like the Crack of Doom or one of the other routes that lead to the top of the first tier, then Pink Elephant is probably the best route under 5.11 to finish with.
For the first pitch, climb up a low angle slab (5.6, no pro) until you can gain cracks in the corner. An offwidth and chimney lead to a tree where you can belay.
Instead of continuing up the gully (which is Crack of Destiny) climb left across the face on knobs. A single bolt (a good 3/8") out near the arete protects a brief 5.9 crux followed then by easy and fun climbing on low angle knob mania. Towards the top stay left near the arete. There's a single bolt anchor at a stance at the top, but it's best to belay further up on the ledge.
Some small cams and long slings (to sling knobs), plus a big cam for the wide stuff on the first pitch.