Situated in a left-facing corner right next to the better Abbey Road, Penny Lane is good for a beginning leader.
It seems that most people just climb the first pitch and then traverse to belay/rappel from the anchors for Abbey Road and Fleet Street, and that is in fact what the Handren guide suggests, but that can be an uncool move considering that Abbey Road is a lot more popular. Please consider doing the very easy, very forgettable second pitch; from it, you can hike back to the parking lot or easily get back to the base of the climb if you are climbing other routes.
Take Charleston Boulevard through Summerlin, after which it magically becomes SR 159. Before reaching the Scenic Drive for RRCNCA, turn right onto the signed road to Calico Basin. Turn left at the second major intersection. (The first has signs clearly warning about private property.) This second intersection is signed for Red Springs and is really hard to miss. Drive a short distance to a large parking lot. Don't take the main, boardwalk trail. It will get you there but will add a small amount of time and make you rub shoulders with the rabble. (Take this trail on the way back, with gear hanging from you, to show your superior genetics.)
Instead, take a trail left of the boardwalk trail. It climbs uphill, moderately at first and then steeply, but it is a short climb. Still, it might suck when you are carrying a ton of gear.
When you reach a crest, head downhill and right on a use trail. Heading left will take you steeply down. Don't. Heading up and right on what might look like the right path will disappoint; you will find yourself above cliffs and with no easy way down.
P1-- 105'. Good gear, some loose rock. Goes up to a single bolt. There are plenty of features for backing it up with pro and there is no need to belay off just that bolt. If for some reason you decide to rap off the bolt, know that a 60 will leave you several feet short and that you will need to downclimb some easy terrain; knot the ends!
P2-- 50'. There are one or two climbing moves after the bolt. After that, the pitch is a scramble and could actually become a walk if you move left into a gully. Build a gear anchor and then walk back to the parking lot. If you need to return to the base, just head skier's left until you return to the access trail or find an easy way down before that (there is one).
Cams up to #3 and a set of stoppers will cover you. Some of the rock is soft, and I like hexes for that.
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