The Grand Valley is home to world-class single track mountain biking--just check out what SingleTrack.com has to say about it. The most well-known trail in the area is the Kokopelli Trail, which runs nearly 150 miles from Loma to Moab. Riders can also travel shorter loops along that route.
Since 1996, the New Belgium Brewing Company has hosted the Fruita Fat Tire Festival each spring. The festival draws professional and amateur riders from all over. Spring and fall are the best time for riding, but on a sunny winter day, you'll have great traction.
Check out the local bike shop, Over the Edge Sports, for the local beta.