While there are many legends surrounding the Spook Light, the two most popular are; The Miner and The Two Native American Lovers.
The Miner's story has many forms. In one version The Miner comes home to find his wife and children, or sometimes just the children (usually girls) have been abducted (usually by Indians). The Spook Light is then said to be The Miner out with a lantern looking for his lost family.
Another version has The Miner somehow being decapitated usually in a Mining accident. This story explains the light is actually the Miner's headless body looking for his head. (which always confused me, if he has no head...why would he need a lantern?)_
The Two Lover's tale is far more consistent from telling to telling. The story usually tells of a young Native Princess who falls in love with a man in the village, whom her father (the Chief) refuses to let her marry. The two lovers then run away to nearby spring river and jump from the cliffs never to be seen again. This story says the light is the souls of the two lovers.