A solitary boulder at the top of the hill, the Butterfly Boulder hosts a couple of problems. The view from here is amazing, and definitely worth the hike.
From the main parking, hike up the trail past the Wind and Cow Skull boulders. Continue up through a notch in the ridge towards the top of the hill. You'll pass a few large formations on your right. Then as the hill starts to level off, look off to your left (northwest) and find the solitary boulder that is Butterfly.