Penrose info
Penrose is very small, but not unheard of. They claim to have the world's tallest rocking chair (it's big).
As for useful info, Penrose lies about 30 min SSW of Colorado Springs if you don't get caught behind a petrified tourist on Hwy 115.
I don't know of any riding in the immediate Penrose Area. My Trails Illustrated map (Pikes Peak) of the area shows an unnamed trail just west of town, but it looks like access is through private property. Maybe the local BLM office in Canon City could hook you up with status and/or landowner info.
The good news is that Colorado Springs is full of great singletrack, and you hit most of it shortly after entering town. You could be at any of the great trails in the Cheyenne Canyon area in less than 45 minutes from town. This forum and the trail reviews portion of MTBR are full of great info on all the classic local rides (Buckhorn, Captain Jacks, Section 16, The Chutes, Palmer Park, Ute Valley Park, Waldo Canyon, etc, etc, etc.). I don't know when the new Cheyenne Mountain State Park is supposed to open to the public, but it comes ready made with some fine singletrack built by the local bike club, and it's probably only about a 25 minute drive from Penrose.
Canon City is only 10 miles away and also serves as a gateway to some other good rides. The Wet Mountains to the south of Canon City have some good singletrack. Don't go to Canon City for fun, though, as the median age of it's residents is probably about 68. You'll still need to cruise up into the Springs. Penrose is also close to Pueblo Reservoir (a short drive East), which has some good technical riding when the rest of Colorado is under snow.
Consider also trying to get further away if you've got the time. Just head west on Hwy 50 and in a couple hours, you're at the mack daddy--the Monarch Crest. Salida is also loaded with singletrack options. Another hour west is the Hartman Rocks area and Crested Butte.
In short, the options are enless, but few, if any, are right outside your door in Penrose. The good news is it's a fairly short trip to some great riding.