I did this loop as a wonderful trail run, although it would also be possible to hike it in a long day, or split it up with a stay at Kaltenberghutte or Konstanzerhutte (book ahead).
Starting at St Cristoph (a short bus from the center of St Anton), the trail climbs sharply before leveling out and traversing around the mountainside. Another steeper section will bring you to the stunning Kaltenberg Hutte. Grab a snack or a beverage, and enjoy the sweeping vista of the surrounding mountains. From here, the trail continues climbing upward to Kaltenberg Pass. It's a tough climb, but relatively short.
Once at the top, I recommend the short side trip to the Krachelspitze -- it's a short detour and the views are amazing! Descend the trail next to aquamarine alpine lakes, and pass through a beautiful valley before the next ascent. From here it's a (relatively) short climb over another saddle. Once you've reached the top, you'll have spectacular views of Patteriorol a long descent to Konstanzerhutte. Again, another spot to relax a refuel before the more highly trafficked trail back down to St Anton.