The Figueroa Mountain Rd goes into the montains behind Los Olivos starting at Hwy 246, right opposite of Grand Ave. After about 10 km the climb gets serious: 950 m over 15 km which is an average around 7%.
From the other side, you start at Armour Ranch Rd and Hwy 154, just a few kilometers East of Solvang on Hwy 246. Armour Ranch Rd becomes Happy Canyon Rd after a few kilometers and after the about 10 km the climb starts. In fact you have two climbs separated by a 100m drop. The first one is 350 m over 5 km and the second 750 m over 10 km. Both climbs have an an average grade of 7%.
This is all a bit theoretically as I didn't ride this road yet. I was riding the Solvang Century during the summer of 2006 and didn't feel like taking the 55 km / 1200 m detour. According to Michael Barry's page, Figueroa Mountain Rd has pretty rough pavement and on Happy Canyon Rd you will encounter some fairly well-packed dirt sections.
If you start in Solvang, the Dan Henry Bike Route gets you comfortably to Los Olivos.
Figueroa Mountains seen from Foxen Canyon Rd