If the criteria is most beautiful course in Colorado for a golfer, then I don't see how you can choose anywhere other than Ballyneal. It's pretty much perfect. You drive through boring, flat land and end up on a course that could be Ireland if you didn't know any better. That amazing transformation in just a few miles would be hard to surpass. No cart paths or excess of any sort. A pure, BEAUTIFUL golf course.
For a non-golfer, the choice might be different. They might prefer the scenery to the golf course. But if you are talking about just the course, can there be one more beautiful in Colorado?