You can get two buses from Queenstown to Arrowtown. They both depart from The Top of the Mall on Camp Street in Queenstown.
The one I have seen is the The Double Decker bus Tour which uses a Red London bus. You can image the shock we got when driving around arrowtown, come all this way and find a London route master on the New Zealand roads. Call 03/442 6067 for bookings and advice.
One of the best way to experience Arrowtown and surroundings such as Kawarau River, Gibbston Valley, Lake Hayes etc is by taking the famous red double decker bus which starts from the town centre of Queenstown. The bus driver is friendly and will also act as your local guide. A full trip is about NZ$30.
There are some really scenic country roads between Queenstown and Arrowtown that are worth exploring.
Some of the scenery is purely picture postcard New Zealand!