Here is my trip report from autumn 2013 when I visited Ouray, Ridgway, and Telluride, CO one week after peak fall color.
We arrived in Ouray late (~2am) on a Thursday night. On Friday morning, we woke up to 8 inches of fresh snow and started the day by walking down to main street for breakfast and coffee.
After staying in a cheap motel on Thursday night, we packed up and moved our luggage to an Airbnb rental in Ridgway. I don't have any pictures of Ridgway, but it is a small town about 10 miles from Ouray. Ridgway is a nice compromise location to stay if you want to access both Ouray and Telluride. Another advantage to staying in Ridgway is its close proximity to Orvis Hot Springs. The pools at Orvis are the best I've been to in Colorado. I would highly recommend the experience, especially in cold weather and in the late evening or at night.
This was our first visit to Telluride after many years or positive rumors and discussion. Upon arriving, those rumors were confirmed and we decided to stay the entirety of Saturday. We parked in Mountain Village and took the free gondola ride down into Telluride proper. We ended up walking up and down the main street several time and hiking up one of the side canyons before getting some lunch. Below are some photos of our walk around town.
We stayed in Ridgway another night and got breakfast at a local coffee shop before heading home.
Photos: Nikon D7000 w/ Samyang 24mm f/1.4 or Nikon 12-24mm f/4