Cimarron Canton State Park is a wonderful place to stay, right on the Cimarron River. Bring your fishing gear and license for some relaxing fishing. Some of the sites are immediately adjacent to the river. My favorite campground is Tolby, the Westernmost. It has a Ranger/Information Station in the east end of the campground. It has flush toilets and sinks, but no shower. This is my favorite, because I love to hike and backpack. Just south across Highway 64 from the campground entrance is the Tolby Trailhead. The Tolby Trail takes you all the way back to Tolby Meadow on an excellent trail. A good spot for overnight tent camping. Tolby campground is also just minutes from Eagle Nest, NM and within easy range of Angel Fire, Red River, and a little less than an hour from Taos.
There are two other campgrounds for RVs, Maverick and Ponderosa, as well as one more for tent camping. Maverick sits right next to a pair of gravel pit lakes for added Fishing opportunities. Ponderosa is across the street from that, but is more like a parking lot with painted camping slots around its perimeter.
In the town of Cimarron I recommend dining at the Historic St. James hotel (very haunted) or lunch at the Creemee. Stop in at the headquarters of Philmont Scout Ranch for the National Scounting Museum and a Tour of the Villa Philimonte (Waite Phillips’ mansion). Also recommended is the Tooth of Time Traders at Philmont. It’s a camping/hiking store that is like an REI.
If you’re coming via Raton, the Colfax Tavern between Raton and Cimarron at Cold Beer New Mexico is a great place to stop for food and drinks.